Finance
No Digital Money for US just yet says President Biden
By Dana Malcolm
Staff Writer
#USA, October 13, 2022 – US President Joe Biden is not replacing money with a digital spyware version despite several claims to the latter popping up across the web.
The US says it has not yet decided but is closely examining the potential of a U.S. Central Bank Digital Currency CBDC. It’s a polarizing move which some describe as a security risk and others hail as a necessary change in the ever
Digital money has been around for years, with Bitcoin and many others but Central Banks or government banks are now catching on to the wave and creating CBDC’s. Jamaica and The Bahamas both launched their digital currencies, Jam-DEX and the Sand Dollar respectively, in recent years with The Bahamas leading the charge.
The U.S. Central Bank Digital Currency if it is launched would be a similar but significantly larger operation and will in fact be traceable but it won’t replace physical money…yet.
The US isn’t the only major world power looking to venture into the digital cash arena. The European Central Bank has also indicated they are looking to create a digital euro.
The Central Bank of The Bahamas was first in the world to launch its own digital currency, Sand Dollar in December 2019. The Bank of Jamaica brought its Jam-DEX to the market in July this year.