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Forbes: Coronavirus Stimulus Offered By House Financial Services Committee Creates New Digital Dollar

RPS37

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As the markets continue to drop and the U.S. looks to Congress for agreement on a massive stimulus package to save the economy from impacts of the coronavirus pandemic, the newest offer by House Democrats includes a very forward-looking kind of stimulus: the creation of a ‘digital dollar’ and the establishment of ‘digital dollar wallets.’ In what will send shock waves through the cryptocurrency and blockchain industry, particularly for those following central bank digital currencies around the world, this signals the U.S. is serious in establishing infrastructure for a central bank digital currency.
Anyone else feel like they saw this season of Mr Robot?
 
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crowbrow

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Lmao, they bitched and kicked so much against Bitcoin they ended up having to create their own one.

Bitcoin was like the Napster of finance. No matter how much the music industry whined, the technology doesn't care and dictates the future.
 
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crowbrow

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Regular money is fucking useless, it's backed by nothing, even less than smth like bitcoin. And these sort of situations just make it so much obvious. The system is broken.
 
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Grinchy

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Updated on 3/24/20 at 11:45 AM: The final version of the economic stimulus package offered by Speaker Pelosi the House Democrats no longer includes the U.S. Digital Dollar proposal; however, the language as proposed by Chairwoman Waters of the House Financial Services Committee still contains this language. Links to the original and updated stimulus bills with the latest language are at the end of the story.
So what does this actually mean? The House Democrafts took the digital dollar out of the proposal, but the House Financial Services Committee left it in their copy? What does any of that mean?

Who decides whether this is in and if it goes through with the vote?
 
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RPS37

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So what does this actually mean? The House Democrafts took the digital dollar out of the proposal, but the House Financial Services Committee left it in their copy? What does any of that mean?

Who decides whether this is in and if it goes through with the vote?
I didn’t see the update. Maybe we can chill out.

One more step toward abolishing the petrodollar and moving to a cashless society? That's unsettling.
This is basically what I was thinking when I saw the headline.
Like damn, will this be compatible with Apple Pay or should I sign up for my rfid chip now? 🤣
 
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GHG

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Lol, this has been predicted to happen for a long time now: a shift from paper money to digital money.

2020's will be thr worst decade yet, and frankly, I regret wasting the past 4 years of my life not pursing my hobbies and passions.
Nah man don't look at it that way.

On the other hand those of us who spent the last 4-5 years working our arses off are now at risk of losing everything we worked so hard for. Everything will be wiped out if this continues for a couple more months.

People who have nothing to lose now have as much as an opportunity as everyone else. Keep your head up, keep bettering yourself and pursue your passions.
 

Cutty Flam

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What’s the issue? This won't replace the real dollar, it’s like Bitcoin. A percentage will use it. And most will pay with their cash via debit card. Paper money is still going to be behind the scenes and present, even though nobody hardly handles it anymore. It’s usually transaction with a debit card

I forgot what the conspiracy theory suggested though, so maybe I’m not putting something together correctly
 
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MiyazakiHatesKojima

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Nah man don't look at it that way.

On the other hand those of us who spent the last 4-5 years working our arses off are now at risk of losing everything we worked so hard for. Everything will be wiped out if this continues for a couple more months.

People who have nothing to lose now have as much as an opportunity as everyone else. Keep your head up, keep bettering yourself and pursue your passions.
Thanks man.......I didn't see it that way.....
 
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Aug 28, 2019
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Here it comes, full replacement of fiat currency (that you have physical control over and use not really tied to a big government management system that can be manipulated by social credit) with digital currency the government has full control over.

Scary times ahead.

What’s the issue? This won't replace the real dollar, it’s like Bitcoin. A percentage will use it. And most will pay with their cash via debit card. Paper money is still going to be behind the scenes and present, even though nobody hardly handles it anymore. It’s usually transaction with a debit card

I forgot what the conspiracy theory suggested though, so maybe I’m not putting something together correctly
Bitcoin was the test. If it was good enough to replace fiat currency, it would've. But now the lessons learned with Bitcoin can be implemented and improved upon in a digital currency standard that has the full government's backing, and given the degree of additional control they have with a digital approach (plus the cost savings they get by not needing to print fiat currency or press physical coins), eventually it will be pushed to replace fiat currency altogether.

And it'll all be managed through a social credit system, similar to what Tencent's been developing for the CCP (and to what systems are already in place in China). Just ask yourself why it took until a viral pandemic to just conveniently introduce a new digital dollar. Plenty of opportunities to do so before this, but this is when they choose to do it? :pie_thinking:
 
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Like damn, will this be compatible with Apple Pay or should I sign up for my rfid chip now? 🤣
No need. The invisible ink smart tattoo you get once you're infected with Covid-19 will also serve as your digital fingerprint, as it were.

/s