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New Bitcoin Rival to Be Launched by Fed Reserve After Pompliano Says US Dollar Must Be Tokenized

  • Yuri Molchan
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    US Fed Reserve might be emitting its own cryptocurrency (CBDC) after Anthony Pompliano voices a suggestion that USD must be digitized to compete with the ‘China Coin’

New Bitcoin Rival to Be Launched by Fed Reserve After Pompliano Says US Dollar Must Be Tokenized
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As reported by Reuters, the president of Philadelphia Fed Reserve, Patrick Harker, stated that Fed Reserve, as well as central banks of other countries, are going to launch their digital currencies in the near future.

It’s ‘inevitable’ as he put it.

‘US dollar must be tokenized’

Harker believes that considering the global status of the USD as the world’s reserve currency, the US should not be the first to launch its central bank crypto (CBDC) since trials are necessary first.

Earlier, U.Today reported that a crypto expert and angel investor Anthony Pompliano in his recent CNBC interview stated that the US dollar must be turned digital as soon as possible. 

He said that in the future, all national currencies will be digitized and reminded the audience that China is already about to launch its own CBDC, the so-called ‘China Coin’. He also remains a Bitcoin believer.

Five days later, CoinDesk reported that US lawmakers addressed the Fed Reserve in a letter, giving their arguments why the national US currency should be tokenized soon.

Mati Greenspan from eToro said in his newsletter:

At this point, it's quite clear that the future of finance is digital. Well, it's already digital. I mean, nobody really holds certificates in their safe anymore.

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Libra is at the head of this chain

Curiously, the Chinese central bank accelerated work on the China Coin this year after they saw that the ambitious cryptocurrency project Libra was developing fast and became concerned that should Libra finally launch, it would harm the Chinese economy.

Now, Anthony Pompliano says that the US Fed must tokenize the dollar since China is already working on the digital yuan. If there is a digital yuan but no digital dollar, the Chinese national crypto would get better exposure to investors.

Now, the Fed rep is saying that the US central bank will launch its own crypto inevitably.

However, the possible driver of this chain of events, Libra, may not even launch after all due to its issues with regulators around the world. Besides, some of Libra Association partners are already backing off from it, such as PayPal.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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Ex-Congressman Says Fed Should Not Play With Own Cryptocurrency

  •  Denis Sinyavskiy
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    Former US Congressman Ron Paul shares his thoughts on the possible creation of Fed’s own cryptocurrency

Ex-Congressman Says Fed Should Not Play With Own Cryptocurrency
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Former US Congressman Ron Paul spoke on Fox Business and said that the Fed should not think about creating its own cryptocurrency.

Fed’s Crypto: To Be or Not To Be?

Rumors have been circulating for the past few months about the Fed possibly creating own cryptocurrency. It is expected that a digital coin would become a competitor to its counterparts on the market, and may even replace fiat money. President Patrick Harker, President of the Federal Reserve Bank of Philadelphia, commented on such rumors at a recent conference:

“It is inevitable. I think it is better for us to start getting our hands around it.”

However, there has not been no official follow-up by the Fed towards a crypto exchange. While proponents of this idea believe such innovation is necessary, it is expected that the exchange could stop the current delays involving US bank transfers.

What do the opponents think about the Fed's own cryptocurrency?

The idea of ​​creating the Fed's cryptocurrency has its opponents. This includes Ron Paul, who believes that the Fed is in a better position to stay away from digital coins and allow the private blockchain sector and payment platforms to resolve this discussion in real-time. What the Fed plans to do next is unclear, but the central bank may still enter the game.

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About the author

Starting with a simple interest in cryptocurrency, over the past two years, Denis has worked in a cryptocurrency fund and become an author with an analytical bias. His engineering degree helps with the analysis of the technical part of the cryptocurrency market. As a fan of cryptocurrency, Denis believes that the blockchain technology is the future.

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