Former US Regulator and Accenture Exploring Digital Currency for US Central Banks (computerworld.com) 50
A former chair of America's Commodity Futures Trading Commission is working with Accenture to explore what Computerworld calls "a U.S. Central Bank Digital Currency" -- a cash-backed stablecoin, issued and controlled by America's central bank, where one token represents one dollar.
Long-time Slashdot reader Lucas123 writes: A cryptocurrency based on a blockchain ledger would be a cheaper, faster and more inclusive global financial system than today's analog-based reserve currency that can take two or more days to clear, according to their Digital Dollar Project.
The race to integrate cryptocurrency into global banking is speeding up as public sector projects are already driving interest in fiat-backed digital tokens by central and regional banks around the globe but primarily in Europe and Asia.
Accenture already has "experience working with central banks on digital currency and related initiatives," Computerworld points out, and quotes the former CFTC chair as saying that "The digital 21st century is underserved by an analogue reserve currency.
"A digital dollar would help future-proof the greenback and allow individuals and global enterprises to make payments in dollars irrespective of space and time."
Long-time Slashdot reader Lucas123 writes: A cryptocurrency based on a blockchain ledger would be a cheaper, faster and more inclusive global financial system than today's analog-based reserve currency that can take two or more days to clear, according to their Digital Dollar Project.
The race to integrate cryptocurrency into global banking is speeding up as public sector projects are already driving interest in fiat-backed digital tokens by central and regional banks around the globe but primarily in Europe and Asia.
Accenture already has "experience working with central banks on digital currency and related initiatives," Computerworld points out, and quotes the former CFTC chair as saying that "The digital 21st century is underserved by an analogue reserve currency.
"A digital dollar would help future-proof the greenback and allow individuals and global enterprises to make payments in dollars irrespective of space and time."
Accenture? Or maybe Andersenture? (Score:4, Interesting)
Wasn't this the very company which helped Enron swindle its employees out of pensions?
This will turn out to be a risk-free currency in all "space and time", up to the decay of the last proton, I'm sure.
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loved fuckedcompany, my employer appeared there regularly. Of course, we totally loyal employee would never leak stuff there, nosireebob...
bwhahahaha
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had nothing to do with the Enron debacle
Bullshit.
-jcr
Mmm. You appear to be misinformed. [fortune.com]
From its establishment in 1989 until its incorporation in 2001, Accenture, then known as Andersen Consulting, was a separate legal entity from Arthur Andersen and operated independently from that company.
Accenture was not involved in the Enron scandal. Accenture is a management consulting and technology services company. Accenture does not now, and has never, engaged in the practice of public accounting.
Comment removed (Score:4, Interesting)
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So your argument is that because Andersen Consulting did some work for Enron years before the accounting scandal broke, they are [at least partially] responsible for the accounting scandal. Got it.
You clearly have some sort of axe to grind. But I tell you what, if you can point to anything anywhere in support of your claims, I'll be glad to reconsider your argument.
Cheers!
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Re: Somebody is missing the point... (Score:2)
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The point is it gives people the ability to bank their money for free, without fear that tomorrow it might not be valuable enough to make their next car payment.
Yeah, plenty of for-profit banks offer banking services, but competition is a good thing.
pffft, futures regulators (Score:4, Insightful)
former member of legalized gambling system teeming up with consulting firm... yeah lots of credibility here
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anon, this is the era of auto-correcting phone keyboard apps that change words a second or more after they are typed. Just give it up.
I'm guessing they are exploring (Score:2)
How to maximize profits while holding onto any income from the "Digital Currency" transactions for as long as possible.
And of course targeted advertising for the few who use this.
You know, we already have credit cards/debit cards. I don't understand how much more digital they could get.
Doesn't mean what you assert it means (Score:1)
That won't happen until they stop arbitrarily printing more money. Or even more conveniently in their counterfeiting, writing out a few billion more bits.
Speaking of such deceptive terms, take a moment to consider what "making money" actually means, and who actually does it, contrasted to "getting their hands on money".
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If they want to fight cash hoarders and simultaneously exercise now control over the populace, they should print more money, and hand it out as UBI. Inflation devalues the value of hoarded cash. Of course, they won't do this because the wealthy have more cash hoarded than other criminals like marijuana growers and crime families.
Solution in search for a problem (Score:3)
They have already outlined the solution. Now they only need to guess the problem they are going to solve...
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Found APK's hidden account.
It will be a fun times for black hats... (Score:2)
When even the currency of a country can be played with by a single person, like a mouse toy is by a cat. :D
Just like "elections".
Doesn't Make Sense!! (Score:4, Insightful)
I don't see how this makes sense. There is no reason to use a cryptocurrency if you are willing to ultimately rely on a single institution (or known group) backing it (as one does with the fed and US dollars).
The fed already keeps deposit records and allows transfers of money between accounts. That IS a digital dollar valued currency. It just strips off all the extraneous mining part in favor of simpler account/ledge based recordings of exchanges.
People have been pushing for greater access to federal reserve accounts for awhile now (the 100% reserve bank or whatever proposal) and that's something we need but I don't see what a digital coin offers that federal reserve accounts don't
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I don't see how this makes sense. There is no reason to use a cryptocurrency if you are willing to ultimately rely on a single institution (or known group) backing it (as one does with the fed and US dollars).
The object is to replace cash with digital money. That means that the new currency has to be controlled by the same old gang who can then set consumer interest rates at under 0% and effectively allow the banks to levy a private income tax because "they're too big to fail".
Cash has an interest rate of 0% so that places a lower limit on the "short-term emergency measures" that have been put in place over the last ten years. Since they haven't worked, the obvious solution (if you're a banker) is to keep on doi
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Yes, the question is whether there is anything being added over and above the standard digital account model or is this just misleadingly calling an attempt to role out the ability of citizens to have accounts and do transfers at the fed a cryptocoin when it's nothing but letting them in to the existing system the banks use and making it more user friendly?
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The object will be the demand that every country use their crap crypto, if not WAR. Just greed the same as always, what is needed is an international traded energy crypto, backed by energy because ultimately energy is what will be traded the most and so cut the US dollar right out and it will be cut out. This is just trying to force it in permanently, don't agree, well, regime change for you, corrupt government put in place, they get a kick back and you country is locked in under threat of economic warfare
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Bitcoin does hence why it makes sense for it to be a crypto currency. A CBDC, by it's very nature, relies on the central bank.
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Re "account/ledge based recordings of exchanges."
Are all often on paper...
The digital code replaces the set of bank papers with the amount printed on them.
That special box for the paper takes up room and can only hold so many bank papers before its full.
Re "federal reserve accounts" still need lot of that paper work. Documents and physical storage.
Re: Doesn't Make Sense!! (Score:1)
It's pretty hard for a hacker on the other side of the world to delete a file cabinet full of dead-tree paperwork...
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Nope! Keep cash (Score:2)
WHy??? Currency is already mostly digital. (Score:2)
Yeah, no thanks (Score:1)
No No No (Score:2)
The point of having cryptocurrency is to NOT have some sort of central control of it or to have banks or government behind it or running it. The point is to have total control over your money. One time I was out of country and I wanted to use my credit card to buy something and the transaction was denied. Why??? When I got home I was told I was not allowed to buy in that country. WTF!, after calling and calling and doing a lot of research found out there was a block because the banks did not agree and one w
Easy Gig (Score:3)
Accenture just needs to take their massive fee and recommended the Ripple DAG - they've been building this specific technology for more than five years. Ripple already has major banks using it for cross-border payments and support an arbitrary number of fiat currencies. It's like SWIFT, but instantaneous, distributed, apolitical, cheap and without SWIFT'S 15% error rate. Every non-US country is sick and tired of SWIFT being used as a political weapon.
With or without the Fed, the banks are moving to Ripple. "When you're being run out of town, pretend like you're leading the parade."
Hasn't this already been done (Score:2)
Aren't most "dollars" digital/imaginary already?