A US CBDC: Inevitable?

[Abiky]

I'm aware that Trump and the Republicans proposed the Anti CBDC Act, but so far, it hasn't been ratified by both chambers of Congress. Assuming Democrats win the 2028 elections by a landslide, they might give the "green light" for a US CBDC. I mean, other countries are moving ahead with digital currencies of their own. The US wouldn't want to be left behind, so it will move full-steam ahead with the "Digital Dollar". Then, it will be a "battle" between the EUR and USD in a fight for "supremacy".

What do you think? Will a US CBDC inevitably happen? If not, why?

Your input would be greatly appreciated. Thanks.

[MusaMohamed]

I'm aware that Trump and the Republicans proposed the Anti CBDC Act, but so far, it hasn't been ratified by both chambers of Congress. Assuming Democrats win the 2028 elections by a landslide, they might give the "green light" for a US CBDC. I mean, other countries are moving ahead with digital currencies of their own. The US wouldn't want to be left behind, so it will move full-steam ahead with the "Digital Dollar". Then, it will be a "battle" between the EUR and USD in a fight for "supremacy".

What do you think? Will a US CBDC inevitably happen? If not, why?

Your input would be greatly appreciated. Thanks.

The US CBDC will come, just matter of time. Trump has only less than 3 more years in the White House and when political leadership in the USA changes side, there will be new proposal for launching the US CBDC. It might fail this time, a next time but there will be a successful approved proposal in the future, just like how many times and years of failures with Bitcoin Futures applications and Bitcoin Spot ETF applications before we got them officially and legally.

The USA can try to lead the world but there are global trends they must join, and the CBDC trend will be a global trend.
Some CBDC trackers.
https://cbdctracker.org/
https://www.atlanticcouncil.org/cbdctracker/
https://cbdctalks.com/

[shinratensei_]

US seems to care more about privatizing the stablecoin and let USD dominate through big companies than CBDC.
I don't really think US CBDC will be a thing but if they want to create it for the sake of not letting EUR dominate with their CBDC, I can see how US CBDC might come into play.

Needless to say privatization of stablecoin has surged the demand for USD assets ranging in the hundred billions.

[viljy]

There are some doubts about the feasibility of creating a CBDC. Why does the United States need this? What is the advantage over the dollar?.. What is the need... Unclear. In Russia, they are also creating something similar - a digital ruble. Why it is needed is probably not known by the creators themselves. Apparently, "to be." Even the head of the largest bank, German Gref, recently openly expressed great doubts about the need for this.

[_act_]

I'm aware that Trump and the Republicans proposed the Anti CBDC Act, but so far, it hasn't been ratified by both chambers of Congress. Assuming Democrats win the 2028 elections by a landslide, they might give the "green light" for a US CBDC. I mean, other countries are moving ahead with digital currencies of their own. The US wouldn't want to be left behind, so it will move full-steam ahead with the "Digital Dollar". Then, it will be a "battle" between the EUR and USD in a fight for "supremacy".

If I send USD digitally to a friend, is that not digital dollar? So what kind of digital dollar is CBDC? What is its use compared to the traditional digital dollar?

CBDCs are rubbish created to compete with cryptocurrencies before, but many countries have now seen how rubbish it is. They should use the money to do something better than to waste money on CBDC.

[EarnOnVictor]

What do you think? Will a US CBDC inevitably happen? If not, why?

This is inevitable, and it's a matter of when. It will get to a time that it will be a race similar to what we now see in AI. Time and competition will force them into action.

As for Trump, how would he allow that when he is benefiting from cryptocurrency? Having the US's CBDC will surely reduce how the world use cryptocurrency, provided they make it cheap.

Before Trump, the US's fear was how it could affect the US companies dominance in the world's business and finance stage. Many payments companies could fold up if it's not carefully weighed and implemented.

[r_victory]

As other nations develop their own digital currencies, it may be inevitable that the United States will do the same. I read an interesting thread about this (I even translated it into Portuguese, in case anyone here speaks the language), which discusses the difficulty of tracking physical money and how digital money would facilitate this, thus enabling greater state control over the economy and the population, unlike cryptocurrencies, and also mentions the fact that both aim to "get rid" of paper money. One way or another, right or wrong, digital payments may be the only option in the future.

[iv4n]

As other nations develop their own digital currencies, it may be inevitable that the United States will do the same. I read an interesting thread about this (I even translated it into Portuguese, in case anyone here speaks the language), which discusses the difficulty of tracking physical money and how digital money would facilitate this, thus enabling greater state control over the economy and the population, unlike cryptocurrencies, and also mentions the fact that both aim to "get rid" of paper money. One way or another, right or wrong, digital payments may be the only option in the future.

It's all about the control... so digital currencies are inevitable. I like how you wrote it: "One way or another", it will happen... I guess we will see different scenarios in different parts of the world. Maybe it will be good, maybe not... I am sure many will disagree about it, but in the end, it's not like we will be able to choose anything. Or maybe we will have some "crypto alternative"? Too many questions, and things around the world are heating up...

[asriloni]

US CBDC will never happen. US has ban CBDC under Trump's policy. So we will not see it to come. It's also the reason CBDC is not a relevant idea anymore.

Nevertheless, there is an alternative such as USD1, USAT, USDC that can be used as a USD stable coin. It makes me think US has done it right by ban CBDC idea.

I guess the news about US CBDC ban has already released last year. I dunno if you are not update to this one. The reason why US ban CBDC related to the privacy concern.

[Darker45]

Yeah, a US CBDC is inevitable. When it happens, your guess is as good as mine, but it will certainly happen. It may not be the version that's being contemplated by current proponents, it may not even be one issued by a central bank, but it's still a digital currency that's issued by the government. So, it's essentially the same.

It seems the alternatives are to get stuck with the old form of money or opt for a currency like Bitcoin which is independent from the state. Both are less likely to happen.

[WillyAp]

Around 80% of all people in the US have a smart phone.
So the digital $ would exclude 20% of their citizens.