A US CBDC: Inevitable?

[davis196]

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 project for a European CBDC has been postponed to 2028-2029. The "digital euro" was called "a solution, that is looking for a problem" by a top tier central banker in Europe. The Trump administration doesn't want a "digital dollar", but they are favorable towards all USD stablecoins, since the GENIUS Act was approved. Does it really matter for us, if the "digital euro" or the "digital dollar" become a thing after several years? We already have US dollar and Euro stablecoins. I don't see such a big difference between a CBDC and a stablecoin. Maybe the only difference would be that the CBDCs are being issued by the central banks.

[free-bit.co.in]

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.

No, what the OP said is correct. Although Trump and the Republican Party have proposed legislation to ban the Fed from issuing or testing CBDC. However, so far, no bill has been fully passed by Congress to become act.

As far as I recall, this proposal was passed in the House of Representatives but is currently stalled in the Senate. Therefore, there is currently no official act against CBDC.

The US issuing a CBDC remains a possibility in the future.

[gwestcot]

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 project for a European CBDC has been postponed to 2028-2029. The "digital euro" was called "a solution, that is looking for a problem" by a top tier central banker in Europe. The Trump administration doesn't want a "digital dollar", but they are favorable towards all USD stablecoins, since the GENIUS Act was approved. Does it really matter for us, if the "digital euro" or the "digital dollar" become a thing after several years? We already have US dollar and Euro stablecoins. I don't see such a big difference between a CBDC and a stablecoin. Maybe the only difference would be that the CBDCs are being issued by the central banks.

It changes this dramatically. Their apparatus for control ramps up to obscene levels.

[Abiky]

The project for a European CBDC has been postponed to 2028-2029. The "digital euro" was called "a solution, that is looking for a problem" by a top tier central banker in Europe. The Trump administration doesn't want a "digital dollar", but they are favorable towards all USD stablecoins, since the GENIUS Act was approved. Does it really matter for us, if the "digital euro" or the "digital dollar" become a thing after several years? We already have US dollar and Euro stablecoins. I don't see such a big difference between a CBDC and a stablecoin. Maybe the only difference would be that the CBDCs are being issued by the central banks.

With CBDCs, central banks and governments are more directly involved in your financial life with the former. The plan is to phase out cash (coins and paper money) to replace it with a government-backed digital currency. Stablecoins, also pegged to the value of Fiat, would not be the ideal solution for governments to keep control over people's finances. They're issued by private entities, who make up all of the rules. Why not create a new digital currency from scratch instead?

The current situation where the US relies on stablecoins, would only be temporary. After Trump, I'm sure Democrats will pass the bill on the House and Senate to make a US CBDC a reality. Otherwise, the US will be left behind other countries with their very own digital currencies. Just you wait and see.

[gwestcot]

The project for a European CBDC has been postponed to 2028-2029. The "digital euro" was called "a solution, that is looking for a problem" by a top tier central banker in Europe. The Trump administration doesn't want a "digital dollar", but they are favorable towards all USD stablecoins, since the GENIUS Act was approved. Does it really matter for us, if the "digital euro" or the "digital dollar" become a thing after several years? We already have US dollar and Euro stablecoins. I don't see such a big difference between a CBDC and a stablecoin. Maybe the only difference would be that the CBDCs are being issued by the central banks.

With CBDCs, central banks and governments are more directly involved in your financial life with the former. The plan is to phase out cash (coins and paper money) to replace it with a government-backed digital currency. Stablecoins, also pegged to the value of Fiat, would not be the ideal solution for governments to keep control over people's finances. They're issued by private entities, who make up all of the rules. Why not create a new digital currency from scratch instead?

The current situation where the US relies on stablecoins, would only be temporary. After Trump, I'm sure Democrats will pass the bill on the House and Senate to make a US CBDC a reality. Otherwise, the US will be left behind other countries with their very own digital currencies. Just you wait and see.

Left behind would probably be a good thing in reality. I always said that Bitcoin would never solve anything by itself. It will take rebellions, weapons, and guillotines just like it always has. I just wonder what is taking so long. The overlords definitely made it difficult this time around. Normally, oppression comes in a very overt and draconian manner. The effects are decidedly negative, and thus so is the reaction, but this time they are just drowning us in apathy, complacency, and convenience. You have to break out of the trap first before revolt is even an option. Too few people have done so. Anyone who celebrates CBDC's is very confused or evil.

[Abiky]

Left behind would probably be a good thing in reality. I always said that Bitcoin would never solve anything by itself. It will take rebellions, weapons, and guillotines just like it always has. I just wonder what is taking so long. The overlords definitely made it difficult this time around. Normally, oppression comes in a very overt and draconian manner. The effects are decidedly negative, and thus so is the reaction, but this time they are just drowning us in apathy, complacency, and convenience. You have to break out of the trap first before revolt is even an option. Too few people have done so. Anyone who celebrates CBDC's is very confused or evil.

There is a senate bill that would bar the FED from launching a CBDC until 2030 (check here). So the measure is only temporary. When (and IF) Democrats reign in, America will be subject to the same globalist agenda as other countries (particularly the EU).

A CBDC is the exact same opposite of Bitcoin. Centralized, invasive (no privacy), and totalitarian (zero freedom). It's a push for governments and central banks to remain in control. Once launched, you can say bye-bye to cash (coins and paper money) for good. At least, in the long-term. Americans will only be able to enjoy "freedom" (sort of) until the end of Trump's term. Maybe CBDCs will push the world towards privacy coins and Bitcoin? One can only hope.