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Rumors Circulating That Fed Will Announce Plans to Digitize the Dollar, Says Anthony Pompliano, As US and China Kick Off Historic Trade Deal

Rumors Circulating That Fed Will Announce Plans to Digitize the Dollar, Says Anthony Pompliano, As US and China Kick Off Historic Trade Deal

 

Rumors are swirling that the Federal Reserve plans to announce an initiative to digitize the US dollar, according to Anthony Pompliano, co-founder of the blockchain venture capital fund Morgan Creek Digital.

Pomp first tweeted about the rumors earlier today, reporting that an announcement could come as soon as this week in an effort that could mimic China’s digitization of the yuan.

If the US moves ahead with a digital currency, Pompliano believes it would contribute to the crypto movement in the US in a big way.

“If they digitize the dollar, it will drive adoption of digital wallets. Once people get a digital wallet, they will ultimately move towards the soundest money IMO (in my opinion).”

Rumors are circulating that the Fed is going to announce an effort to digitize the dollar this week. This would be similar to China's effort to digitize the yuan. Whether the rumor is true or not, the Fed should absolutely digitize the dollar. Here is why: pic.twitter.com/8xvozAtFZr — Pomp 🌪 (@APompliano) January 15, 2020

The rumor is a stark departure from what top regulators indicated last month.

In early December, Federal Reserve Chairman Jerome Powell and US Treasury Secretary Steven Mnuchin, who has called Bitcoin and cryptocurriencies a threat to national security, both said there is no need for a digital  dollar.

Speaking last month at a House Financial Services Committee hearing in Washington, Mnuchin affirmed,

“Chair Powell and I have discussed this. We both agree that in the near future, in the next five years, we see no need for the Fed to issue a digital currency.”

China’s digital currency (CBDC) continues to advance. In December the head researcher at the People’s Bank of China unveiled more details regarding how the countr...

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