Digital Dollar Now High Priority for the USA
We were in Phoenix a few weeks ago and and we saw numerous signs at fast food drive-up windows that said, "Not accepting bills larger than $20". Today at McDonalds back in MN I gave the teller a $50 and she was exasperated and had to call her manager. He came and they used a special pen to make sure my $50 was real. Really?? What the heck is going on? I spent $10 at McDonalds and gave them a $50 and all I wanted was two $20 bills back. No big deal! But I guess it's getting that way.
Now imagine having a gun safe full of $100 bills and realizing that no one will take them anymore.
Now imagine that we are super close to the day when cash will not be accepted anywhere. And in order to spend your money you will need some type of digital passport. Maybe they will even offer to put in on your forehead or hand for safe keeping?
- The US seems to be getting serious about a central-bank-backed digital currency when the Treasury Secretary and Federal Reserve Chairman hinted this week that a digital dollar is a high-priority project for the US.
- Yet, “There is a great deal of work yet to be done” as issuing a CBDC in the States would not be an easy task.
There is no doubt that the People’s Republic of China (PRC) is currently the frontrunner in the global race towards digital currency. The country has been waging a digital currency insurgency on the global financial system for the last few years, challenging the US dollar for monetary supremacy. But it wasn’t until recently that the US officials realized that it is about time to make the digital dollar “a high priority project” for the States.
On Sunday, the US Federal Reserve Chair Jerome Powell said “This is going to be an important year. This is going to be the year in which we engage with the public pretty actively”, and he was referring to the digital dollar. The Federal Reserve published a paper exploring preconditions for a retail central bank digital currency (CBDC) the same day. Powell also broke new ground, calling the digital dollar “a high priority project for us.”
He added, “We are committed to solving the technological problems, and consulting very broadly with the public and very transparently with all interested constituencies whether we should do this.” Yet, the US is merely in a ‘consultation’ stage while China executes. In fact, the US’ call-to-action coincides with China’s announcement earlier this month of a significant partnership with the cross-border payment system SWIFT, removing all doubt that Beijing intends to internationalize the digital yuan.
Here; ‘Digital dollar’ is now a high priority project for the US - TechHQ
posted by dennis at
4:59 PM
2 Comments:
A couple of years ago I was at Subway and ran into the same thing. Except, my bill for four sandwiches came to $47 something. I too paid with a $50 and was told they could not accept it because it "drained their cash register of change." When I said well that is the only cash I have my sandwich artist was prepared to throw out the sandwiches rather than accept my money because the rule is no bills higher than $20.
When I pointed out that I was only going to get two dollars and some coins back, they reluctantly said they would do it this one time, but not in the future! OK there Einstien, next time I will be sure to pay with two twenties and a ten.
I am fearful and flabbergasted at the general population's inability to think - logically, mathematically, or even with a modicum of common sense.
God help us.
That is so funny!! "Just give me $2 and keep the change!!"
Not to one up your story, but I was at Taco John and it was "Buy 1 taco, get 1 free day." I ordered 4 taco's and a medium drink. The drink was $1.69 so when he announced I owed him $1.80 I figured out right away that he was only charging me for my drink plus tax. He must have pushed the button for 2 tacos then pushed button for 2 free tacos which canceled out the price of 2 tacos! I insisted that he re-do my order after I told him it can't be $1.80. I watched as he pushed 2 tacos then subtracted 2 tacos for "free". He looked up at me again, this time with exasperation, and said, "It'll be $1.80!" I paid him and left. This kid was a senior at Buffalo High School and incapable of doing simple math in his brain. Just imagine the "free" tacos that were handed out that day! And the owner says to himself after balancing the books, "Good help is really hard to find!"
Post a Comment
Subscribe to Post Comments [Atom]
<< Home