The American crypto dollar will be put into circulation on January 1, 2021. And if back in February, developing the basic rules for its circulation, at the request of American legislators, the FRS proposed to issue it and control circulation with the help of large banks, then the latest proposals suggest that the Federal Reserve System itself will be the only issuer of the digital dollar.
Such a change in the position of the American central bank is naturally associated with the struggle of clans within the US financial authorities. Yesterday's personal debate between Trump and Biden leaves no room for a peaceful outcome on November 9.
It is obvious that Trump and the forces behind him will promote the idea of giving the Treasury an emission function, 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 Federal Reserve directly without banks, a completely inhuman financial system will arise. If your bank card has been stolen, you can call the bank's call center and block it.
If you paid for the purchase on the Internet and the content delivered to you does not satisfy you, the bank can return the funds to you. Also, if you mistakenly transferred money to the wrong recipient, you can contact the bank personally and ask to return the money back.
In the case when 300 million people are served directly in one center, this will not be possible. No call center can handle this.
Interestingly, the same thing is already happening in Russia. In the fast payment system of the Central Bank of the Russian Federation, there is no way to return money back. If you transferred money to another person or made a purchase in an online store using a Visa or MasterCard, then there is always the opportunity to dispute a particular transaction. But if you have ticked the box (use the fast payment system) in your banking application, then you will not be able to cancel the payment.
And another important point. Many banks, attracting customers, offer them various beneficial additions and bonuses. For example, cashback for purchases in different retail chains. It's just that the commission of international payment systems and processing centers of 2.5-5% allows banks to share a part of this income with clients.
There are also many loyalty programs with large brands, for example, a bank card credits miles in major airlines, or allows you not to pay for mobile communications in exchange for customers making a minimum purchase limit.
For example, a card of one well-known All Airlines bank allows you to receive from 3 to 30% miles of different airlines. But in the case when all clients are connected to the wallet of a single state issuer, naturally there can be no co-branding.
The co-branded wallet of the Fed and Amazon with a 2% cashback on all online purchases will also look ridiculous. And it seems to be something like that.
On the first page of the most popular Ether wallet, there is a warning - “My Ether Wallet is not a bank. By sending money once, you will not be able to return it, or call the free phone. "
The digital dollar is machine money that is just as inhuman as cryptocurrencies, with the only difference that cryptocurrencies cannot block your wallet for tax evasion or court order. And the digital dollar is easy.