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from the all-the-better-to-track-you-with dept.
The former chair of the Commodity Future Trading Commission (CFTC) has partnered with Accenture to create the non-profit Digital Dollar Project, which plans to explore the creation of a U.S. Central Bank Digital Currency (CBDC).
“The digital 21st century is underserved by an analogue reserve currency,” said Chris Giancarlo, former CFTC chair under Presidents Barack Obama and Donald Trump. “A digital dollar would help future-proof the greenback and allow individuals and global enterprises to make payments in dollars irrespective of space and time.
The purpose of the Digital Dollar Project is to encourage research and public discussion on the potential advantages of a digital dollar, convene private sector thought leaders and actors, and propose possible models to support the public sector. The Project will develop a framework for practical steps that can be taken to establish a dollar-based CBDC.
A cryptocurrency backed by a fiat cash is known as a stablecoin.
A “tokenized” U.S. currency would coexist with other Federal Reserve liabilities and serve as a settlement medium to meet the demands of the digital world and a cheaper, faster and more inclusive global financial system, Giancarlo added in a statement.
[...] The U.S. dollar is the world’s “reserve currency” because it represents about 58% of all foreign exchange reserves in the world, according to the International Monetary Fund (IMF). Additionally, 40% of the world’s debt is denominated in dollars.
Some experts believe the U.S. dollar could fall behind as the defacto ecommerce currency if other nations launch state-sponsored stablecoin first.
(Score: 4, Interesting) by bzipitidoo on Thursday January 23 2020, @02:12PM (3 children)
Nice that governments are considering backing and managing crypto-currency, but it's just one area in whic they are way behind.
1. Why doesn't the postal service do email? For that matter, why isn't the postal service, or some other government or quasi-government agency, providing Internet service? Or if not that, maybe private ISP providers ought to have their rates regulated, much like electricity?
2. Why the hysterically over-the-top rules and punishments around hacking? For governments to get into crypto-currencies, they'll have to admit once and for all that encryption is not in the same class as munitions.
3. Voting! The state of electronic voting is a mess, with the likes of Diebold and their laughable "security" that is allowed to slide time and time again, apparently because corrupt actors want e-voting to be insecure the better to rig elections. Hackers deserve the death penalty, but vote rigging is just a problem that is sooo hard to contain that the public just has to be understanding, you know?
4. Intellectual property. Copying belongs to the masses now. The law is way behind on this one.
5. Income tax. Yeah, we know that scumbag special interest tax prep businesses lobby to keep tax complicated, and then try their damnedest to cheat taxpayers by hiding the free alternative they're legally obligated to provide.
6. Digital signatures. There's been some progress on this, but could use much more.
7. Sales receipts. I mean, come on, we're still stuck on paper for most. Yeah, some places will email a receipt now. And there's this Near-field communication, because doing it wirelessly is hot.
8. Paperless office. Why do we put up with inkjet ink prices? Why do people still point out that printed books are easier on the eyes and more portable and all that?
(Score: 2) by c0lo on Friday January 24 2020, @12:12AM (2 children)
Most of items on your list are so specific to US that I wonder how much you're aware that the world doesn't start or stop in America.
https://www.youtube.com/watch?v=aoFiw2jMy-0
(Score: 2) by bzipitidoo on Friday January 24 2020, @02:24AM (1 child)
Actually, I do know that. Used to be that the US was the leader in tech, and so any area the US wasn't up on, no one was. "Encryption is a munition" is especially US centered and arrogant, with its implication that no one else in the world can do decent cryptography on their own and has to "steal" the ideas from the US.
Now though, with the anti-intellectuals in power in the US, should be all the easier for some other nation to take the lead on science and tech.
(Score: 2) by c0lo on Friday January 24 2020, @03:04AM
Objection on "now" in regards with crypto:
- AES [wikipedia.org] - developed by two Belgian cryptographers, prior to 2001 (when it entered the NIST competition). It is The symmetric crypto used by almost everybody today.
- EdDSA [wikipedia.org] - check how many of the authors are non-Americans.
- Horst Feistel [wikipedia.org] was born in Germany - many symmetric crypto schemes are based on his work [wikipedia.org] (true, while at IBM. But indeed, US lost a lot of appeal as a brain-drain destination)
https://www.youtube.com/watch?v=aoFiw2jMy-0