The Fed says it will take a long time to lay down the train tracks for the implementation of digital currency. On the other hand, Doug Casey thinks is will happen “soon.” In the meantime, it looks like Senate Banking Chairman Sherrod Brown (D-Ohio) is getting ready to reintroduce the “Banking for all Act”, which would give authority to the Federal Reserve to create digital money and digital wallets for every citizen.
https://www.federalreserve.gov/econres/notes/feds-notes/preconditions-for-a-general-purpose-central-bank-digital-currency-20210224.htm?stream=business
https://news.bitcoin.com/fedcoin-u-s-issue-e-currency/
https://www.cutimes.com/2021/03/15/banking-chairman-brown-pushing-federal-digital-wallet-proposal/
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Published by markskidmore
Mark Skidmore is Professor of Economics at Michigan State University where he holds the Morris Chair in State and Local Government Finance and Policy. His research focuses on topics in public finance, regional economics, and the economics of natural disasters. Mark created the Lighthouse Economics website and blog to share economic research and information relevant for navigating tumultuous times.
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