things you aught to know about digital dollars;

Central Bank Digital Currencies (CBDCs) are coming even faster than many anticipated.

The digital yuan is already here. It was introduced in China last February during the Winter Olympics. Visitors to the Olympics were required to pay for meals, hotels, transportation, etc., using QR codes on their mobile phones that linked to digital yuan accounts.

Nine other countries have already launched CBDCs. Europe is not far behind and is testing the digital euro under the auspices of the European Central Bank.

The US was lagging, but is catching up fast, according to this article.

The Federal Reserve was studying a possible Fed CBDC at a research facility at MIT. Now the idea has moved from the research stage to preliminary development. Fed Chair Jay Powell said, ‘A US CBDC could…potentially help maintain the dollar’s international standing.’

It’s important to understand that a CBDC is not a new currency, it’s just a new payment channel.

A digital dollar is still a dollar.

A digital euro is still a euro.

It’s just that the currency never exists in physical form. It is always digital, and ownership is recorded on a ledger maintained by the central bank.

You will have an account showing how many digital dollars you own. They are transferred by an app on a smartphone or a desktop computer.

In many ways, dollar transactions are already digital...........more......