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U.S. Is Losing the Global Race to Decide the Future of Money

 
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pilight



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PostPosted: 09/22/21 3:29 pm    ::: U.S. Is Losing the Global Race to Decide the Future of Money Reply Reply with quote
https://time.com/6099105/us-china-digital-currency-central-bank/

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In cities across China, the country’s central bank has begun rolling out the e-renminbi—an all-digital version of its paper currency that can be accessed and accepted by merchants and consumers without an internet connection, credit or even a bank account.

Already having conducted more than $5 billion in e-renminbi transactions, China has opened its digital currency up to foreigners. Next year, when Beijing hosts the Winter Olympic Games, authorities are expecting to let the world test drive its technological achievement.



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tfan



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PostPosted: 09/23/21 10:21 am    ::: Reply Reply with quote
There are already a lot of cryptocurrency versions of a US dollar with over a $100 billion dollars in them. But it seems like payments, even without cryptocurrency, are mostly electronic/digital these days.

The incredible thing about the US dollar cryptocurrencies, known as stablecoins, is the interest rates that you can get on them. 7.5% to 10%. I have no idea how they can pay those rates in today's interest rate environment. But it seems like the banks have taken notice and the state and federal governments are starting to take action against the practice of paying interest on and lending of cryptocurrency. New Jersey and a few other states are forcing some of these "crypto banks" to not serve the citizens of their state and the SEC just got Coinbase to cancel a "Lend" product by threatening a lawsuit.
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