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US to Test a Federal Digital Currency

US to Test a Federal Digital Currency

January 04, 2023
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Quick note as a follow up to our pieces on blockchain and digital currencies (Blockchain Part I , Blockchain Part II ,  and Crypto and the Fed ):  Quietly the Federal Reserve Bank of New York is conducting a 12-week test of a US digital currency (blockchain based) with some of the largest banks in the world.  So now Bitcoin and other non-governmental sponsored crypto currencies are being taxed via the exchanges, being investigated for fraud (FTX courtesy of  Sam Bankman-Fried), hurting speculative investors due to its volatility, and now the US government is running a pilot program for it’s own crypto-fiat-currency.  The likely hood that any of the non-government backed cryptos will be used for transactions in the “normal” marketplace is dwindling towards zero.