If the Fed Adopts a CBDC, the Banks Will Fight Like Hell

Bitcoin made its ++biggest leap in six months++. Could it have ++hit bottom++? Meanwhile, ++open interest on crypto exchanges++ is growing.

ETHPOW has ++dropped 80 percent++ since threat of Ethereum fork. Could the Merge trigger a ++pump and dump++?

Should the U.S. government ++get into crypto++? (A GREAT READ) And, I’ve got to say, a little freaky if not psychedelic. If the Fed says “yes” to crypto, it could induce a long, hard ++fight with the country’s banks++. In fact, I’d say the reason the Fed is dragging its feet on the issue because it knows it will have to fight bankers tooth and nail if it decides to issue a digital currency. Not only will banks fight hard to maintain the status quo, but it could lead to the biggest fight in U.S. financial history because crypto poses a threat to the hegemony banks have over the U.S. economy. The only way banks will ever capitulate to crypto is if they can make money on it and control its distribution. Otherwise, expect blood in the streets. The idea advanced by some that a CBDC will ensure greater financial inclusion is a pipedream. That will happen over the bank lobby’s dead body.

Celsius agrees to ++independent investigation++.

Tornado Cash fallout leads to increase in ++privacy coins++.

The ++state of digital assets++ in 2022.

Blockchain.com has provisional approval to ++operate in Dubai++.

Can cryptocurrency ++help the unbanked++? A lot of thought energy is put into “helping the unbanked” and, usually, what that means is helping them become banked. But is that really a good idea? What benefits do banks really offer? Low or no interest on money held in accounts, access to loans that are often detrimental to one’s financial health, and a safe place to store money you aren’t using right now. One out of three ain’t bad. Truth is, I’ve had a bank account for a long time and the only real benefit I see to a bank is having a place to store money I’m not using right now. A crypto wallet offers the same benefit without having to prove that I’m good enough to walk through somebody’s door.

How risky are ++DeFi flash loans++?

Fake websites ++pose as crypto exchanges++.

What are the differences between ++Web2 and Web3++?

++10 NFT investors++ expanding the digital art and gaming horizon.

Why privacy is ++more important now than ever++. This is an opinion piece by David Chaum, the father of the cypherpunks and the man responsible for taking cryptography into the private realm.

The European Union uses NFTs to ++fight counterfeiting++. I wish there was this kind of forward thinking in the U.S.

How to de-Google your phone and ++use bitcoin privately++.

Blockchain: The ++fifth wave of computing++.

Can the industrial metaverse manufacture ++no-touch, lights-out product making++?

Crypto528: What is it and what’s it for? An interview with the ++DAOs cofounder++.

++School of Block++ enrolls in the metaverse.

Whampoa, the investment arm of one of Singapore’s largest family offices, is betting ++$100 million on Web3++.

Bitcoin: ++A tale of two Amsterdams++. (AN EXCELLENT READ) When someone in the U.S. mentions Amsterdam, I immediately think about tales of rampant drug use. I’ve never been there, but those tales come from the fact that the Dutch have ++liberal views++ concerning drugs and personal health. This article is about how bitcoin is prevalent in Amsterdam, and I must say it’s a fine, fine read.

Snark and commentary in italics. Bubble gum in my pocket.

Cryptocracy is a decentralized newsletter published several times a week. I curate the latest news and crypto analysis from some of the brightest minds in crypto, and sometimes offer a little insightful and snarky commentary. Always fresh, always interesting, and always crypto.

First published at Cryptocracy. Not to be construed as financial advice. Do your own research.

Image credit: SFMZ.com

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Since the Fed banks are owned by the banking system, it is very unlikely we see a CBDC. Powell is against and even Brainard is out saying it isnt a priority.

We just have to keep building cryptocurrency systems while they are doing their studies and whatever else they do in Washington.

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I think it will eventually happen. Not any time soon. They aren't going to move quickly on it, but when half the world's other nations have one and they see some gaining traction, they'll seriously consider it. Especially if some of those other nations are in the G20, or the G7.

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