{"id":20585,"date":"2022-01-21T14:59:46","date_gmt":"2022-01-21T22:59:46","guid":{"rendered":"https:\/\/setapartbytruth.org\/wordpress-watchman\/?p=20585"},"modified":"2022-01-21T13:55:02","modified_gmt":"2022-01-21T21:55:02","slug":"the-fire-has-been-lit-u-s-federal-reserves-push-for-digital-dollar-worries-wall-street","status":"publish","type":"post","link":"https:\/\/setapartbytruth.org\/wordpress-watchman\/the-fire-has-been-lit-u-s-federal-reserves-push-for-digital-dollar-worries-wall-street\/","title":{"rendered":"‘The fire has been lit’: U.S. Federal Reserve’s push for digital dollar worries Wall Street"},"content":{"rendered":"

\"\"<\/p>\n

\"\"<\/p>\n

Joe Light – March 22, 2021<\/span><\/p>\n

The financial services industry, braced for what could be its biggest disruption in decades, is about to get an early glimpse at the Federal Reserve\u2019s work on a new digital currency.Wall Street is not thrilled.Banks, credit card companies and digital payments processors are nervously watching the push to create an electronic alternative to the paper bills Americans carry in their wallets, or what some call a digital dollar and others call a Fedcoin.<\/p>\n

As soon as July, officials at the Federal Reserve Bank of Boston and the Massachusetts Institute of Technology, which have been developing prototypes for a digital dollar platform, plan to unveil their research, said James Cunha, who leads the project for the Boston Fed.<\/p>\n

A digital currency could fundamentally change the way Americans use money, leading some financial firms to lobby the Fed and Congress to slow its creation \u2014 or at least ensure they\u2019re not cut out.<\/p>\n

Seeing the threat to their profits, the banks\u2019 main trade group has told Congress a digital dollar isn\u2019t needed, while payment companies like Visa Inc. and Mastercard Inc. are trying to work with central banks to make sure the new currencies can be used on their networks.<\/p>\n

\u201cEveryone is afraid that you could disrupt all the incumbent players with a whole new form of payment,\u201d said Michael Del Grosso, an analyst for Compass Point Research & Trading LLC.<\/p>\n

https:\/\/financialpost.com<\/a><\/p>\n<\/section>\n","protected":false},"excerpt":{"rendered":"

Joe Light – March 22, 2021 The financial services industry, braced for what could be its biggest disruption in decades, is about to get an early glimpse at the Federal Reserve\u2019s work on a new digital currency.Wall Street is not thrilled.Banks, credit card companies and digital payments processors are nervously watching the push to create … Continue reading ‘The fire has been lit’: U.S. Federal Reserve’s push for digital dollar worries Wall Street<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[18],"tags":[2457,732,7631,15910,16424,149,16425,2495,12275,16426,16427],"class_list":["post-20585","post","type-post","status-publish","format-standard","hentry","category-warning","tag-banks","tag-congress","tag-digital-currency","tag-digital-dollar","tag-digital-payments-processors","tag-economy","tag-fedcoin","tag-federal-reserve","tag-financial-services","tag-james-cunha","tag-michael-del-grosso"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p8fAkI-5m1","_links":{"self":[{"href":"https:\/\/setapartbytruth.org\/wordpress-watchman\/wp-json\/wp\/v2\/posts\/20585","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/setapartbytruth.org\/wordpress-watchman\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/setapartbytruth.org\/wordpress-watchman\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/setapartbytruth.org\/wordpress-watchman\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/setapartbytruth.org\/wordpress-watchman\/wp-json\/wp\/v2\/comments?post=20585"}],"version-history":[{"count":2,"href":"https:\/\/setapartbytruth.org\/wordpress-watchman\/wp-json\/wp\/v2\/posts\/20585\/revisions"}],"predecessor-version":[{"id":20588,"href":"https:\/\/setapartbytruth.org\/wordpress-watchman\/wp-json\/wp\/v2\/posts\/20585\/revisions\/20588"}],"wp:attachment":[{"href":"https:\/\/setapartbytruth.org\/wordpress-watchman\/wp-json\/wp\/v2\/media?parent=20585"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/setapartbytruth.org\/wordpress-watchman\/wp-json\/wp\/v2\/categories?post=20585"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/setapartbytruth.org\/wordpress-watchman\/wp-json\/wp\/v2\/tags?post=20585"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}