- Reaction score
Neel Kashkari, president of the Federal Reserve Bank of Minneapolis, said consumers already had access to instant digital payments through private-sector platforms without the privacy concerns that arise from a government-backed alternative.
"I can see why China would do it," Kashkari said. "If they want to monitor every one of your transactions, you could do that with a central bank digital currency. You can't do that with Venmo. If you want to impose negative interest rates, you could do that with a central bank digital currency. You can't do that with Venmo. And if you want to directly tax customer accounts, you could do that with a central bank digital currency. You can't do that with Venmo. I get why China would be interested. Why would the American people be for that?"
Kashkari's remarks came during an on-stage Q&A session at the 2022 Journal of Financial Regulation conference at Columbia University on Wednesday.
All they'll need to do is to make it a requirement to receive any payments from the gov. Ie: SS, disability, tax refunds, welfare, etc etc and the masses will take to it faster than they did to get a free cheeseburger in exchange for taking a wuflu shot.will be interesting to see if they can get it done here
make it a requirement to receive any payments from the gov. Ie: SS, disability
All they gotta do is change the law to allow payment via a cbdc. Then it'll be #3 on the list.From the link:
Federal law mandates that all Federal benefit payments – including Social Security and Supplemental Security Income benefits – must be made electronically.
There are two ways you can receive your benefits:
- Into an existing bank account via Direct Deposit or
- Onto a Direct Express® Debit Mastercard®
Most big companies today use direct deposit. In most cases they will help you set up an account if you don't already have one.