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Cryptocurrency

Warning ‘Fedcoin’ is coming – and it may ‘replace cash and hurt savers as well as allowing gov to track your payments’

By: NewsFeed

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A NEW “Fedcoin” digital currency could replace cash, hurt savers and allow the government to track payments, crypto experts have warned. 

President Joe Biden announced the move towards a US Central Bank Digital Currency (CBDC) on Wednesday in a historic executive order on cryptocurrency regulation. 

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President Joe Biden announced historic moves towards a Central Bank Digital Currency in an executive order on WednesdayCredit: AP
Experts have warned about the dangers of CBDCs but believe they may strengthen the position of the original cryptocurrency Bitcoin

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Experts have warned about the dangers of CBDCs but believe they may strengthen the position of the original cryptocurrency BitcoinCredit: Getty

He gave the heads of federal agencies including the Treasury, Justice Department and Homeland Security 180 days to come up with a report on how the new digital currency would work.

Biden also asked the chairman of the Federal Reserve Jerome Powell to “develop a strategic plan for Federal Reserve and broader United States Government action” on CBDCs. 

It comes as governments around the world are scrambling to respond to the explosion in cryptocurrencies which are not state-controlled. 

But experts say there…

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