Federal reserve to start creating crypto?

[takncarabizniz]

https://www.msn.com/en-us/money/markets/the-federal-reserve-is-taking-the-next-step-toward-possibly-launching-a-digital-dollar/ar-AASZ8Vk?ocid=uxbndlbing



Seriously...no...

[D2D]

Why am I not surprised!

It matches their war on privacy!

That is why China is creating its own crypto!

[wvit1001]

why would you believe this was a bad thing for the government to persue?

[D2D]

CCPWvit asks why do you want privacy!

[chuck_curtis]

I thought the US Treasury issues American currency, not a private bank???

[Truman62]

Until the 1920's Private Banks created their own currency Chuck.

Yup, they sure did.

[D2D]

 

Until the 1920's Private Banks created their own currency Chuck.

Yup, they sure did.

So?

What is your point?

[takncarabizniz]

Davik, this is no longer the 20's.

Crypto has zero real backing, it's not even play money, it's just digital record keeping...

[chuck_curtis]

Until the 1920's Private Banks created their own currency Chuck.

Really?  So why is the Treasury printing American bills and minting American coins?

[wvit1001]

mining companies used to pay their workers in script, it was private money.   but the script was only good at the company owned store and for rent at the company owned housing.

In the U.S., payment of wages in scrip became illegal under the Fair Labor Standards Act of 1938.

[wvit1001]

Paying employees via scrip that could be exchanged at company stores (likely at an extreme mark-up) became illegal in 1938 with the Fair Labor Standards Act. Many people who were dependent on the company stores would go into extreme debt, essentially turning employement into indentured servitude.

[chuck_curtis]

The dollar is American currency, by definition, issued by the US Treasury.