The Biden administration is moving one step closer to developing a central bank digital currency, known as the digital dollar. Administration officials say it’d help reinforce the U.S. role as a leader in the world financial system.
And while some have suggested that the Fed could potentially launch a digital dollar on a public network like Ethereum, Luther suspects that it would instead choose to launch on its own dedicated blockchain.
“A public blockchain would limit the government’s ability to control access and monitor transactions. I am not convinced it will give up control and oversight, even if doing so would be in the best interest of society.”
The development of…
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