..

COINTELEGRAPH

Michael Kapilkov 17 hours ago

Father of JOBS Act: US Digital Dollar Is Inevitable, No One Wants Chinese Currency

Father of the JOBS Act does not believe there will be any demand for the Chinese digital currency.

David Weild IV, who is known as the father of the JOBS Act, believes that the issuance of the digital dollar is imminent and that the U.S. government should hurry up with it.

In addition to garnishing bipartisan support for one of key legislations of the Obama era, Wield served as vice-chairman of NASDAQ, and currently manages his own decentralized investment bank that helps crypto and blockchain companies raise capital.

China is unpredictable

Weild does not believe that the digital yuan will generate a lot of demand outside of China because of the restrictive nature of its political system. Meanwhile, he said that the U.S. should not vacillate on the issue and preserve the global preeminence of its currency by offering it in the digital form:

“I think that the United States should do it. And I think the United States should do it sooner rather than later. But I also think that most of the world is not that interested in a Chinese digital currency, simply because it’s not a free country. It’s not predictable. And there are plenty of Chinese people that would like to get out of China because of the arbitrary nature of the government at times.”
–

Nonetheless it is unlikely to happen anytime soon, according to Weild, who notes that Capitol Hill is currently preoccupied with the November presidential elections.

https://cointelegraph.com/news/father-of-jobs-act-us-digital-dollar-is-inevitable-no-one-wants-chinese-currency

..

The Digital Dollar Project

Digital Dollar Project

Leading the discussion on a U.S. Central Bank Digital Currency

The Digital Dollar Project is a partnership between Accenture (NYSE: ACN) and the Digital Dollar Foundation to advance exploration of a United States Central Bank Digital Currency (CBDC). The purpose of the Project is to encourage research and public discussion on the potential advantages of a digital dollar, convene private sector thought leaders and actors, and propose possible models to support the public sector. The Project will develop a framework for potential, practical steps that can be taken to establish a dollar CBDC.

Digital Dollar Project Issue Briefing

The time has come to explore options for a digital dollar, and the principal members of the Digital Dollar Foundation (The Foundation) have sounded the call for this needed dollar innovation. Together with Accenture, a global leader in CBDC advancement, the Foundation has formed the “Digital Dollar Project” (the Project) to study potential avenues to utilize U.S. digital dollar tokenization and its implications on the U.S. and global economic and financial systems. The Project will seek to facilitate a public debate about a U.S. dollar CBDC adoption. To ensure the dollar can serve the broadest possible range of uses in a increasingly digital global economy and thereby maintain its privileged position and support orderly adjustment in international monetary relations, consideration needs to be given to plans to adopt a digital dollar issued by the Federal Reserve System (Fed).Project Brief

---

For more:

https://www.digitaldollarproject.org/

..

Finance Magnates

Analysis

The US Congress’ Digital Dollar Hearing is Today: All You Need to Know

Why could the United States need to implement a Digital Dollar? Tune into the hearing today at 12:00 EST.

Rachel McIntosh | News ( CryptoCurrency ) | Thursday, 11/06/2020 | 12:51

Just a year or two ago, the concept of central bank digital currencies (CBDCs)–particularly in the United States–was novel. It was interesting, certainly–however, most of the world regarded CBDCs as esoteric technology that certainly could have use cases.

Sure, there were studies (and even implementations, in some cases). However, to the average person–and the average lawmaker– it just wasn’t abundantly clear what those use cases were, or why a CBDC would be any different than the ‘digital’ money that the world spends with credit and debit cards every day.

Flash forward two years: China has ramped up its efforts to launch a digital currency of its own; Facebook has attempted to launch a global digital currency network that was seen as a serious threat of the economic status quo.

(Also, a pandemic has developed out of the spread of a disease called the ‘coronavirus’, causing massive economic fallout and launching much of the world into a recession.)

While scrambling to launch economic stimulus programs that included quantitative easing and the sending of millions of personal checks, several early drafts of stimulus bills by the United States Congress included something novel, interesting, and totally unprecedented: the mention of a ‘digital dollar’.

Now, several months later, the US Congress is revisiting the concept of a ‘digital dollar’ with a hearing devoted entirely to the subject. The hearing will take place today, Today, June 11th, at 12:00 PM eastern time; you can tune in here. 

Here’s what you need to know.

Does the United States really need a Digital Dollar?
–

“[A digital dollar is] not a representation of the dollar, it actually is the dollar,” Danielle explained, “just in a new format. It would have the same legal status as the physical cash that’s in your wallet today.

“We see benefits for this across resale and wholesale applications of this both domestically and internationally.”
–

“In reality, more of this population has access to a mobile phone than they do to a bank account. So, in this example, a tokenized digital dollar that’s held in a mobile wallet would increase access to transact online for this underserved population.”

For more:

https://www.financemagnates.com/cryptocurrency/news/the-us-congress-digital-dollar-hearing-is-today-all-you-need-to-know/

..