Thursday, November 26, 2020

Tag: A Digital “Fedcoin” May Be Coming… And It Would Be Terrifying

A Digital “Fedcoin” May Be Coming… And It Would Be Terrifying

by Michael Pento, Market Oracle:

Cryptocurrencies are based on blockchain technology that allows for de-centralized peer-to-peer transactions to take place outside the government-controlled banking system.

Backers of cryptocurrencies such as Bitcoin tout their privacy advantages and resistance to inflation due to their strictly limited quantities.

But what if this free-market innovation were co-opted to achieve opposite ends – centralized tracking of every transaction with no possibility of escaping digital devaluations?

That’s what some central bankers are ultimately aiming for by replacing paper cash with their own digitized, monopolized currencies.