Members of Congress recently introduced the Central Bank Digital Currency Anti-Surveillance State Act, a bill that aims to prevent the Federal Reserve from creating a digital version of the dollar. This bill comes after the Federal Reserve announced it had begun researching the possibility of a digital dollar back in 2022.
“While Americans have long held money predominantly in digital form—for example in bank accounts, payment apps or through online transactions—a CBDC would differ from existing digital money available to the general public because a CBDC would be a liability of the Federal Reserve, not of a commercial bank.”—The Federal Reserve’s FAQ on Central Bank Digital Currencies
What would a digital dollar entail, how likely is one to be created, and how might it affect retirement accounts?
Click on the video link below for exclusive executive insights on this topic from Edmund C. Moy, 38th Director of the U.S. Mint and Senior IRA Strategist for U.S. Money Reserve.
Related headlines from around the web:
- Business Insider: “About 93% of global central banks are exploring digital currencies – and that could boost de-dollarization, a report by IMF staff says”
- Investing.com: “House committee advances CBDC Anti-Surveillance State Act”
- The Wall Street Journal: “Central-Bank Digital Currencies Are Coming—Whether Countries Are Ready or Not”
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Gold has historically been used as a hedge against economic uncertainty and market turbulence. As paper-based assets like stocks continue to experience volatility and inflation continues to deflate the dollar’s purchasing power, now may be the perfect time to add wealth protection to your portfolio in the form of physical gold.
Watch U.S. Money Reserve’s “Market Insider” each week for more economic insights. Nothing herein should be considered as portfolio or retirement advice as U.S. Money Reserve (“USMR”) cannot and does not offer financial advice. Clients should consult a financial advisor for specific advice. This commentary is provided by USMR for informational purposes only and is provided on an “as is” basis without any warranty of any kind, whether express or implied. Your use of the information provided in this commentary is entirely at your own risk. In no event will USMR be held liable for any indirect, special, incidental, or consequential damages arising from the use of information contained in this commentary.