Powell (US Federal Reserve chair) - "does not want to rush digital dollar"

[stompix]

This is a strong language from the quote and this is simply obvious to say that the government is scared to relinquish the role of middle man as the cryptocurrency and digital space is most certain to shatter off.

He speaks about a digital dollar, a centralized currency controlled by them, why they should be scared of something they have absolute control over it, more than cash? How can they be scared of something they will create themselves on their rules?

I am not too sure what he means by CBDC's coexisting with cash.
The whole point of introducing a CBDC in the first place is to eliminate the need to carry cash. Why in the world would you have a clumsy system whereby banks, cash, and CBDCs all operate alongside each other?

CBDCs are not going to replace cash, they are going to replace fiat in the current digital form, it's aimed more at lower costs and faster settlements and payments, and of course, a bit more control which is not something they mention. But never were they aimed at replacing cash as it's impossible if cards haven't been able to CBDCs won't either as for the people using it there will be literally no difference, the changes will be in the background and people don't care about how that works.

Do you really believe that infrastructure is really a problem for a government? There are currently many chains that can run on limited nodes and the infrastructure for a PoS coin is really minimal. Just imagine 300 nodes run by trusted financial institutions, which do not only stake but also have contracts in place to make all legal.

Infrastructure doesn't mean only nodes and counting how many transactions this system can do in theory like all those shitcoins like to brag. Infrastructure means people will need to use it the same way they did before, integration with the current systems, and you need to make this safe, secure and reliable, and accessible.
It's not a thing of installing wallets on the computers banks have right now and be done with.

Also, staking? Nope, there won't be any staking!
CDBCs have little in common with cryptos, and mining, staking and PoS/PoW are not in the list.

[sana54210]

Where your post reads that the middleman will disappear when the government creates their digital currencies, I don’t think that’s true. If eventually the government decides that they are going to be creating their digital currencies, the middlemen (banks and financial institutions) will still be there because they have become part of it.

You’re forgetting that whatever that has to do with digital currencies created by the government will be handled by the arm of the government that handles everything that has to do with finance, which is the Central Bank, they will even be the ones to issue these currencies we are talking about here. And the other banks will still be there, they will all be part of it, they are like the eyes of the government in all these areas.

That's true, all the things they did wrong with the regular fiat will be wrong with the digital dollar as well, there is nothing changing. If you put the same people in charge that ruined fiat in charge with digital dollar, what are you expecting to change? Nothing will change and that is why I think it is quite obvious that nobody will be doing anything substantial for digital dollar from the crypto community neither.

We know how bad governments are and we know that they will screw us up and get rich people richer and then get bribes for payment as a return gift, so why should we care about the digital dollar? That is what I think will happen, and that is why I am not going to support it. Of course it is something that improves upon the current fiat system, of course it will be better than fiat but that doesn't mean that I should leave bitcoin which is miles better than both.