EDITOR NOTE: Dallas Federal Reserve President Robert Kaplan said that the US central bank would eventually issue its own Central Bank Digital Currency. "It's something the Fed is actively working on now — and I can see reasons why that will eventually get developed; China is already doing their own experiment with it," Kaplan said. He also noted that this currency is "the 'last mile' in a digitalization of the payment system that is already in train." Digital currency is coming, and it's coming soon. The creation of CBDC's in the U.S. could mean the end to the legacy banking system as we know it! Think about it, why does the government need bankers getting in the way of currency distribution? Wouldn't they prefer to control every aspect of your life from the proverbial catbird seat? Instead of asking your bank permission if you can buy a cup of coffee via your debit card authorization-gateway, in the future, you may have to ask your government to enjoy such a luxury. Let's hope your taxes are paid, and your health records say your fit enough for a cup of Joe, or else you may get declined. We are quite possibly in the dying days of the U.S. dollar as the most important fiat currency globally (which could become even more apparent when the IMF revalues the global SDR basket on September 30). It also signals that the days of the crypto world being a place of privacy without government oversight are quickly ending as well.
Dallas Federal Reserve President Robert Kaplan said on Friday he could see the US central bank eventually issuing its own digital currency, calling it the “last mile” in a digitalization of the payment system that is already in train.
“I would imagine in the years ahead — it’s something the Fed is actively working on now — and I can see reasons why that will eventually get developed; China is already doing their own experiment with it,” he said in a virtual appearance at Texas Tech.
Still, he added, the Fed is a “long way” from making a decision and is currently studying the issues, including the potential impact on banks.
Kaplan’s comment comes just two days after commission-free trading app Robinhood said its meme-inspired cryptocurrency Dogecoin accounted for a 25.6 percent of revenue in the second quarter.
Original post from The New York Post