Skip to content

Cryptocurrency Bulletin

Crypto Wallets, News, Reviews and Guides

Menu
  • Home
  • Crypto Prices
  • Analysis
  • Best Crypto Wallets
  • Crypto Market Updates
  • Interviews
  • News
  • Metaverse
  • Bitcoin
  • Predictions
  • Scams
  • Opinion
  • Videos
  • People
  • Brokers
  • Exchanges
  • Guides
  • Cryptofinance
  • Sitemap
Menu

Analysts Agree That A Digital Dollar Is Well On Its Way

Posted on October 11, 2022

Crypto analysts have a reputation for making claims that can sometimes be completely spot-on, or very inaccurate. However, the individual predictions often come down to the analysts themselves, not the claim that they are making.

And while some are fixating on when Bitcoin will rally, others are focusing on the more likely possibility of there being a Digital Dollar. More specifically, analysts are saying that a digital US dollar backed by the Central Bank is not just possible, but it is inevitable.

Although the timeline for when this digital currency will come out is still many years off, the chances of it coming have increased exponentially. One of the major signs that are pointing to this has been how the US has taken a more active interest in regulation, which means that it may offer a state-backed alternative.

A Better Understanding of Cryptocurrency and Policy 

One of the major reasons why government agencies have started to warm to the ideas of cryptocurrencies is because of Joe Biden’s most recent executive order. The newest order issued by the presidential office instructed that multiple government agencies work on developing reports about crypto policy.

During this time, not only have these agencies become more familiar with how cryptocurrencies work, but they have also become more welcoming to them. Therefore, it is safe to say that the US could even start working on its own unique decentralized cryptocurrency backed by the Central Bank.

A CBDC Would Offer the US Government Agencies Plenty of Benefits

It is fairly obvious to say that having a central bank digital currency or a CBDC can radically change how people inside and outside the US interact with money. Along with offering a range of other benefits, it will especially offer the Federal Reserve and the Treasury even more freedom over their transactions. And if recent political changes are anything to go by, the US government is very much open to the idea.

A CBDC is Already in Development

The US central bank released a paper recently that focused on the US dollar, specifically during the age of digital transformation. The paper went into great depth exploring what it would be like to have a decentralized digital national currency. The paper, also mentioned that it is exploring the options and implications to issue a CBDC.

Those looking into how a CBDC would work just go to show how well they actually understand how something like a CBDC would work. They have been open about how they are looking into CBDCs from every angle, which likely means that they have already developed something resembling a cryptocurrency.

Although it is still a long way away from release, it is very likely that the findings of this project will be interesting to read about.

Cryptocurrency Bulletin is a blog dedicated to providing concise and up-to-date information on the latest developments in the world of digital currencies, blockchain technology, and decentralized finance.

Looking for something?

RSS Crypto Market Updates

  • FDIC Gives Deadline Next Week for Crypto Depositors Stranded by Signature Failure
  • Canada to Ask Pension Funds to Disclose Crypto Exposure
  • NFT Collection Y00ts Makes Anticipated Move From Solana to Polygon
  • Bitcoin Layer 2 Stacks' Token a Top Performer in March
  • Crypto’s Unfulfilled Dreams Get a Tailwind From U.S. Crackdown on Binance, Coinbase
  • Ethereum Staking Provider Lido to Incorporate NFTs Into Unstaking Process
  • Zebedee Debuts Global Payment Service Powered by Bitcoin’s Lightning Network
  • Bitcoin Seesaws Around $27K as Investors Digest Binance-CFTC Lawsuit
  • Chicago-Based Radix Trading Is One of Three Quant Firms in Binance Suit: WSJ
  • U.S. CFTC Chief Behnam Reinforces View of Ether as Commodity

Recent Posts

  • JETbitX Review – What To Expect From This Broker?
  • UniTrust Venture – Things you need to know about this trading brand before opening an account
  • Axia – A Broker That Can Be Trusted? (Axia Review 2023)
  • Is Copy Trading Worth Your Time? Here’s What You Need To Know
  • PayPal Joins ConsensYs To Implement Metamask
  • Amber Group Acquires Sparrow Holdings To Expand To Singapore
  • Binance Stopped Withdrawals in USDC on December 11
  • Does Grayscale Have Enough Bitcoin In Its Reserves
  • Dubai Is Developing New Cryptocurrency Regulations
  • NFT Is Receiving Attention On The Governmental Level

Categories

Archives

©2023 Cryptocurrency Bulletin | Design: Newspaperly WordPress Theme