Stimulus Offered By House Committee Creates New Digital Dollar. Impact on PM's and coin collecting??
ShadyDave
Posts: 2,217 ✭✭✭✭✭
"As the markets continue to drop and the U.S. looks to Congress for agreement on a massive stimulus package to save the economy from impacts of the coronavirus pandemic, the newest offer by House Democrats includes a very forward-looking kind of stimulus: the creation of a ‘digital dollar’ and the establishment of ‘digital dollar wallets.’ In what will send shock waves through the cryptocurrency and blockchain industry, particularly for those following central bank digital currencies around the world, this signals the U.S. is serious in establishing infrastructure for a central bank digital currency."
I will also note that the article has indicated that the bill the article is discussing will probably not be passed. Still very interesting that the US govt is looking into creating a digital currency. How would this affect PM's and coin collecting?
Comments
I think this is a terrible idea. If something like this ever gets passed it would potentially lead to more fees, government oversight and potential for new and wider-spreading taxes on the state and federal level.
I think it COULD help the coin/pm markets though. People will want assets outside of the purview of the government and would not want to have to rely on the internet. Just my .02!
I don’t think I like that idea.
There was an earlier post but, I’ll post it here too😆
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CoinsAreFun Toned Silver Eagle Proof Album
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Gallery Mint Museum, Ron Landis& Joe Rust, The beginnings of the Golden Dollar
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More CoinsAreFun Pictorials NGC
I'm 100 percent in Favor.
China is Almost ready to roll out their own digital currency. You either lead, follow or get out of the way.
The United States needs to keep up or will be left Isolated.
This is the future. Quit living in the past...
I would be concerned that forcing a digital wallet onto citizens would have the intended side-effect of scraping all the user data from it and using this data as both anonymous big data and as citizen-specific tracking for surveillance, tax purposes, commercial ad sales and anything else. Regardless, if something like that were to happen then it would only be a matter of time (likely a very short matter of time) before human weakness were exploited and the entire system of information harvesting and storage would get hacked.
In honor of the memory of Cpl. Michael E. Thompson
The next thing will be a chip in your body that will be needed to access your money. If that idea ever passes it will be the end of physical money. I suspect hard currency woud be phased out after 20 years of newborns required to be chipped have been done. There would also be no need for SS cards anymore. This would be the biggest take away from our freedom that could ever be imposed.
I'd like to hear more about this new digital dollar idea they have in mind.
And I think it directly has to do with this forum?
Minor Variety Trade dollar's with chop marks set:
More Than It's Chopped Up To Be
Would the digital dollar be much different than 'funding debit cards' that they seem to be doing now?
Mark of the beast
While a stimulus package is needed for several sectors of the economy, a digital dollar should not be part of it. Not for me... Not now not ever.
Experience the World through Numismatics...it's more than you can imagine.
Agree. I've been wanting them to move this way for a decade.
No. That's the thing. Digital currency is already here: paypal, Google pay, apple pay.
The US is becoming more isolated but a digital currency has nothing to do with that
Experience the World through Numismatics...it's more than you can imagine.
This is not the time in my opinion to be taking about digital currency in this country.
It's as good a time as any. Maybe a better time. Does anyone want to handle dirty money when they are afraid of a virus?
I’ll keep my paper.
"Today the crumbs, tomorrow the
loaf. Perhaps someday the whole damn boulangerie." - fictional Jack Rackham
What exactly is “digital currency “? Is that the same as cryptocurrency?
It seems that currency has been digital for decades. I’m sure many trillions of dollars are exchanged digitally every day compared to a few pennies, relatively speaking, in physical cash and coins.
LIBERTY SEATED DIMES WITH MAJOR VARIETIES CIRCULATION STRIKES (1837-1891) digital album
Fine by me so long as it doesn’t preclude or prejudice the use of other forms of money in any way. Any confidence in something fully digital will be shattered when next super power war kicks off.
Essentially. The government, if this happens, would set up their own ledger system (my guess, based on Ethereum) and people would transfer funds between it and traditional currency/coins. Eventually they would phase out traditional physical money but there are many psychological and practical barriers to doing that quickly.
BEWARE THE WAR ON CASH!!! It will be followed by negative interest rates and so on and so forth.
Digital Dollar got nixed.
bob
I have not used physical cash in the last couple of months except for tips. And my tips this week have been added to the delivery charges.
Creeping control of everything....I will stick to cash...and the use of CC's where applicable. Cheers, RickO
They need a currency that can't be traced for transactions in Washington. Now it's risky to transfer money between entities that neither party wants to known by the public or is illegal.
There is a reason that crooks and thieves have been switching to these currencies and there is a reason government hasn't already eliminated cash. As soon as it's possible to use as untraceable currency cash will be eliminated. But we'll keep voting for them anyway.