by Peter Schiff, Schiff Gold:

Last month, the New York Fed launched a pilot program for a “digital dollar.” Could this be the first step toward monetary totalitarianism?

Digital dollars would be similar to bitcoin and other cryptocurrencies. They would exist as virtual banknotes or coins held in a digital wallet on your computer or smartphone. The difference between a central bank digital currency (CBDC) and bitcoin is the value of the digital currency is backed and controlled by the state, just like traditional fiat currency.