Why the Fed is considering a cryptocurrency that is cash-backed
By developing a digital coin tied up to your U.S. buck as well as its owner through cryptographic hash secrets, customers and companies alike will be in a position to track a token they have on an immutable electronic ledger, and perhaps even recover it if a mistake is manufactured following a transfer. In change, federal government agencies could locate tokens, and make certain banking institutions are complying with know-your-customer and anti-money laundering guidelines.
вЂњIn the USвЂ¦, you’ve got a banking account and thus much cash according to bank’s ledger. [You] canвЂ™t say thatвЂ™s my dollar,вЂќ Kornfeld stated. вЂњI think maybe theyвЂ™re looking now and saying that weвЂ™ve idea about this more and you will find things we’re able to do this could make feeling and perhaps we must formally tokenize U.S. money. I do believe this will be during the early phases.вЂќ