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.
US to Test a Federal Digital Currency
January 04, 2023