American crypto dollar will be put into circulation from January 1, 2021. And if in February, developing the basic rules of its circulation, at the request of U.S. lawmakers, the Federal Reserve offered to issue and control its circulation with the help of large banks, the latest proposals indicate that the only issuer of digital dollar will be the Federal Reserve System itself.
This change in the position of the U.S. central bank is naturally due to the struggle of clans within the U.S. financial authorities. Yesterday's debate between Trump and Biden with the transition to identity does not leave a chance for a peaceful outcome of the November 9 elections. It is obvious that Trump and the forces behind him will promote the idea of giving an emission function to the treasury, and his opponents from the democratic party will do their best to defend the exclusive right of the Fed to issue debt.
If the digital dollar is controlled by the Fed directly without banks, a completely inhumane financial system will emerge. If your bank card is stolen, you can call the call center of the bank and block it. If you have paid for your purchase online and the content delivered to you is not satisfactory, the bank may return the funds to you. Also, if you have transferred money to the wrong recipient by mistake, you can contact the bank in person and ask for a refund.
In the case when 300 million people are served directly in one center, there will be no such possibility. No call center will be able to withstand this.
Interestingly, the same thing is already happening in Russia. In the rapid payment system of the Central Bank of Russia there is no possibility to return the money back. If you have transferred money to another person or made a purchase at an online store with a Visa or MasterCard card, there is always a possibility to challenge this or that transaction. But if you have put a tick in your banking application (use the fast payment system), then there will be no possibility to cancel the payment.
And another important point. Many banks offer them various profitable additions and bonuses by attracting customers. For example, a cacheback for shopping in different retail chains. Just a commission of 2.5-5% of international payment systems and processing centers allows banks to share part of this income with clients.
There are also many loyalty programs with large brands, for example, the bank card accrues miles in large airlines, or allows you not to pay for mobile communications in exchange for customers to make minimum limit purchases.
For example, the card of a well-known bank All Airlines allows you to get from 3 to 30% of miles of different airlines. But in the case when all customers will be connected to the wallet of a single state issuer, of course there can be no co-branding.
Well, how do you imagine a joint card of the Central Bank of Russia and the store Pyaterochka or a map of a network of gas stations Lukoil Central Bank.
It will also look ridiculous co-branding wallet of the Fed and Amazon with a 2% cacheback for all purchases online. And it seems to be something that reminds you.
On the first page of the most popular wallet for the air there is a warning - "My Ether Wallet is not a bank. If you send money once, you will not be able to return it, or call the toll-free number -800."
The digital dollar is machine money, which is as inhumane as the cryptovolves, the only difference being that cryptovolves cannot block your wallet for tax evasion or by court order. And the digital dollar is easy.
