ilmscore | The Fed’s Plan To End Money | CBDC | What You Need To Know

The Fed’s Plan To End Money | CBDC | What You Need To Know

Published: 2023-04-07
Status: Available | Analyzed

Predictions from this Video

Total: 10
Correct: 0
Incorrect: 0
Pending: 10
Unrated: 0
Prediction
Topic
Status
Projected to have $5 trillion in digital dollars circulating globally by 2030.
"by 2030 there will be up to 5 trillion digital dollars circulating the global economy"
Digital Currency
Pending
The Federal Reserve was set to launch its new digital payment system, FedNow, in July of the current year (2023).
"the Federal Reserve just announced that it's about to show us its new digital payment system this year in July"
FedNow Payment System
Pending
The FedNow payment system was scheduled to begin a phased rollout in July.
"this will be rolled out in phases starting in July"
FedNow Payment System
Pending
As of the transcript date, 11 countries, including the Bahamas, Jamaica, and Nigeria, had launched their own digital currencies.
"11 countries have already launched their own digital currency including the Bahamas with their sand dollar Jamaica and Nigeria"
Digital Currency
Pending
Additionally, 18 countries were in the testing phase, 32 were actively developing their own digital currencies, and 39 were in the research phase.
"18 countries are in the testing phase 32 countries are developing their own right now 39 are trying to figure it all out and researching"
Digital Currency
Pending
A total of 114 countries, accounting for 95% of global GDP, were involved in the development or research of digital currencies, including the United States.
"all in all 114 countries representing 95 percent of the world's GDP are in some way involved with this process including the US"
Digital Currency
Pending
The creation of a CBDC would provide the government with specific capabilities, both positive and negative.
"if the government creates their own cbdc here's what that would allow them to do that's good and not so good"
Central Bank Digital Currency (CBDC)
Pending
A CBDC could simplify tax collection by allowing the government to automatically calculate and invoice citizens for taxes owed.
"a cbdc would also help with tax revenues because most people wouldn't have to file their taxes instead the government would know exactly how much money we've made so they would send us an invoice and we would just have to pay"
Central Bank Digital Currency (CBDC)
Pending
Governments could use CBDCs to incentivize spending by distributing funds directly, or discourage saving by imposing expiration dates on digital currency.
"if the government wanted to encourage spending they could air drop some dollars in our bank accounts instantaneously which sounds nice but if they want to discourage saving with the flick of a switch the money could have an expiration date"
Central Bank Digital Currency (CBDC)
Pending
The speaker predicts that CBDCs are inevitable, as countries globally are launching them and the US will likely follow suit to avoid being left behind.
"regardless of how much people oppose the idea of cbdc's I think they're inevitable as countries around the world launch their own the US won't want to be left behind"
Central Bank Digital Currency (CBDC)
Pending