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US Congress Seeks to Create a Central Bank Digital Currency

US Congress pushing for a digital dollar.

To counter the rapid growth of yen and russian rupees dominance.

How does this affect the market in general .

CAW BTC DXY

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US President Joe Biden has ordered the federal government to look into creating a Central Bank Digital Currency, also known as a digital dollar, in a move that has the potential to reshape how money is moved and used around the world.

......

Key questions remain unanswered, such as whether a digital dollar would be based on blockchain technology such as Bitcoin or if it would be linked with some sort of payment.

With the risks such as a system failure or a cyber attack and privacy, the government could have access..

to all transactions..

Why launch a digital dollar? It would reduce or even eliminate transaction fees since exchanges would no longer go through banks, bank cards or apps that take commissions on every payment.

Proponents say it would help people without bank accounts,....

...about 5 per cent of households in the US, and could make it easier for the government to pay benefits.

How will global finance be affected?

International transfers, often slow and expensive to make, could be greatly eased.

A digital dollar would represent...

...β€œa natural evolution rather than a revolution”, he noted, recalling that more than 6.5 trillion is already exchanged in electronic form every day on the foreign exchange market.

Would the crypto world be turned upside down?

If properly designed, a digital dollar could be...

more preferable for domestic use than a cryptocurrency....

For international transfers, large central banks like the Fed or the ECB, China or Japan, will give accounts at the central bank to people all over the world”.

This could wreck the monetary system of small countries...

...whose people might prefer to use the digital dollar rather than the local currency...

In a nutshell, we could see a massive bitcoin bull run this coming halving circle before any form of a digital dollar is designed to reshape the use of Blockchain technology for.......

.. Cross border payment.

Bitcoin is retracing it's circle tops breakout. And also a change in the monetary system is about to change in the next few years to a decade to come.

Where is the world heading ❓ The big question πŸ€”πŸŒ™

IMO Getting in now is the best chance we got, next bear market will be a massive one not seen in history.

Take profits in circles top that would be a triple top, a third opportunity rear to see πŸ‘€

Before considering my opinion please make sure to do your own research (DYOR). .

This post is based on this twitter thread.

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