With coronavirus shutting the world economy down, the rush for the first tokenized dollar has only sped up.
And with governments looking towards printing their way out of trouble again, and in the US all taxpayers looking to receive UBI, the rush for a digital dollar is really gaining pace. But it’s not just a digital dollar that’s being negotiated, a tokenized dollar is looking more likely
Not just Digital But Tokenized Dollar
Several countries’ central banks are racing to create their own central bank digital currency (CBDC). This is including China, which said earlier this year their CBDC was “progressing smoothly,”. The announcement, lead analysts to believe that the currency could arrive sometime this year.
This has invigorated the U.S government to take action. Lawmakers have been discussing using a digitized dollar to route money through existing payment infrastructure. This would allow them to reach the recipient first hand. They could even direct them on ways of spending it if they so wish.
However, the Digital Dollar Project, which is backed by former CFTC chair Christopher Giancarlo, isn’t the same concept as what was proposed in previous drafts of the bill.
The project is a partnership between Accenture and a foundation formed for the digital dollar. They decided the idea of a digital dollar needs to be extended, so it’s not just a digital dollar. Instead, they envision a tokenized dollar. Read More at CryptoEase