Would you wish to invest in the digital dollar? Our Federal Reserver is looking into exactly that. Upsides would include a non-cash stable coin backed by Uncle Same, but the downsides are more. It would no longer be tangible, a distinct resistance to spending. Hackers would target that quickly, and place that in concern. Then there’s the idea of bringing in everyone who doesn’t want to be tracked. It’s no longer physical cash, and it would likely be trackable. Now, I don’t have purchases to hide, but our own privacy should trump anything like this. Besides, there are multiple stablecoins tied to the US Dollar already.
The Fed is pushing ahead with its study into whether to implement its own digital currency, Chairman Jerome Powell said.