As talk of $3 trillion in stimulus spending swirls in Washington & bitcoin trades between $30-40k+ now is a good time to re-examine the Fed’s view on blockchain & digital money. Last fall, the Fed wrote: “While central banks have researched distributed ledger technology (DLT) & central bank digital currency (CBDC) for more than a decade, interest has escalated significantly over the last few years, in part because of an acceleration in declining cash use in some jurisdictions, further tech developments that have addressed some of the early limitations of DLT implementation, and, more recently, the emergence of privately issued global stablecoins (such as Facebook’s proposed Libra). The COVID-19 pandemic has led central banks to think further about potential enhancements to the general safety & efficiency of payment systems, including developing a digital currency, and to the conduct of monetary & fiscal actions.” Further: “Central banks will need to choose the archetype that can best achieve these goals. Such decisions determine the value proposition of a CBDC as a means of payment & will likely determine whether a CBDC is a mere enhancement of existing payment mechanisms or a more revolutionary development.”

Programable money…verified data is key for that to work. #Inveniam

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