211008 Sentinel, Digital Currency

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The Federal Reserve has begun studying a digital currency.

I have no idea of whether this would be a good thing or not. There are already several variants available through private enterprise; I see commercials for them all the time on TV. For all I know that would be the end of paper money and coins.

The concept as I read it is this: no more paper currency and everyone will have a checking account directly to the Federal Reserve. You’ll use a card (like a credit card I suppose) and you will just click the terminal at a retail establishment and that is how you will buy things.

I know the government would like to know every dollar you have and where that dollar comes from. The question is would the citizenry like that idea?

There is a benefit for Uncle Sam, with a digital currency everything is stored in one pot so I’m assuming they will be able to just make numbers to cover their debts. I cannot be sure, but I think they are already doing that.

It seems to me to be convenient enough, but if your digital card was lost or stolen you could perhaps lose everything you have.