Politico: Fed explores ‘once in a century’ bid to remake the U.S. dollar
The rise of private cryptocurrencies motivated the Fed to start considering a digital dollar to be used alongside the traditional paper currency.
The Federal Reserve is taking what may be the first significant step toward launching its own virtual currency, a move that could shake up banks, give millions of low-income Americans access to the financial system and fortify the dollar's status as the world’s reserve currency.
The idea of creating a fully digital version of the U.S. dollar, which was unthinkable just a few years ago, has gained bipartisan interest from lawmakers as diverse as Sens. Elizabeth Warren (D-Mass.) and John Kennedy (R-La.) because of its potential benefits for consumers who don’t have bank accounts.
But it’s also sparking strong pushback from those with the most to lose: banks.
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Update: Fed Explores Option to Launch Digital Currency (Newsmax)
WNU Editor: This is going to happen. The debate is when. My prediction is in the next decade this will be the primary method used in doing most financial transactions. Sooner if a major economic crisis hits the U.S..
