After FTX Scam, Federal Reserve Makes its Move With a Digital US Dollar

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The day after an implosion on the crypto market that left 20 billion dollars gone, the federal reserve launched a plan to test a digital dollar.

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The one world currency is now inching closer as the federal reserve is now testing a digital form of currency. 

Daily wire reports. Several major banks, including the Federal Reserve Bank of New York, started a simulated digital currency initiative on Tuesday.

The simulation will involve Citi, Mastercard, BNY Mellon, and Wells Fargo, among others, to determine whether the project is feasible for broader deployment.

The simulation comes as policymakers weigh the merits of a central bank digital currency, which would preserve the international role of the dollar while mitigating pitfalls inherent to cryptocurrencies, such as liquidity risk and credit risk, according to a paper from the Federal Reserve. A digital dollar could be privacy-protected, interacted with by private sector digital wallets, and transferred between different intermediaries’ customers. Money laundering could also be discouraged by banks verifying identity.

In addition, the central bank is testing an instant payment service to eliminate merchants’ waiting time for payments to be deposited, as well as workers’ waiting time for paychecks. According to the Federal Reserve, retailers currently pay an average interchange fee of $0.23 when consumers use debit cards. The new platform could significantly reduce this fee.

This news comes directly on the heels of a major crypto institution going belly up overnight.

According to Daily wire. The cryptocurrency exchange platform FTX suffered a liquidity crisis that led to its bankruptcy and erased the fortune of its billionaire founder, Sam Bankman-Fried.

The Bahamas-based FTX was launched in 2019 and had more than one million users by 2022. After an article published by CoinDesk revealed last week that two arms of Bankman-Fried’s cryptocurrency empire, FTX and Alamada Research, had significant overlap on their balance sheets due to the cryptocurrency FTT, which FTX invented, users demanded $6 billion in withdrawals. As a result, Binance, which had planned to purchase FTX, announced it would discharge all holdings in the coin and eventually reversed course.

The globalists want absolute control over every aspect of your life. They are now pushing microchips for implants to make paying for stuff easier, and to hold your medical records. The globalists also recently told everyone their secret plans to control what news is circulated over the internet and bragged about how they owned science. Now they are working towards a digital currency in which they could monitor every move you make, and if they don’t like what you are doing they can shut you down.

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Next News Network Team

Next News Network Team

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