Is a Digital Dollar Coming? Some Financial Experts Warn It Could be Instrument of Government Control

More and more central banks around the world are in the early stages of creating digital currencies. 

Federal Reserve Chairman Jerome Powell told the House Financial Services Committee in March that the Fed had already begun testing a digital dollar. 

Powell told the House Financial Services Committee, "We're not at the stage of making any real decisions. What we're doing is experimenting in kind of early-stage experimentation. How would this work? Does it work? What's the best technology? What's the most efficient really at an early stage on? But we're making progress on sort of technological issues." 

Just like paper dollars, a Central Bank Digital Currency of CBDC would be issued by the Federal Reserve. 

Those pushing for it say it would have several advantages over physical money. They say it could be used to fight inflation because the Fed would have more direct control over the money supply. It could speed up transaction payments and help fight money laundering.

But, what about privacy issues?

The Scam of The Century!

Aside from losing over 1.13 million people, the United States is thought to have lost billions of dollars in pandemic relief fund fraud, according to the most recent Associated Press analysis, published this week. 

The analysis discovered that fraudsters took more than US$280 billion in relief cash, while another $123 billion was lost or misspent. 

“Combined, the loss represents 10 percent of the $4.2 trillion the U.S. government has so far disbursed in aid,” according to the report. 

According to the analysis, this was the worst heist in U.S. history, with criminals stealing billions of dollars in government money intended to stabilize an economy in free fall.

Crypto - A security or something else?

Crypto is at a crossroads. As exchanges and currencies blow up, the US Securities and Exchange Commission is ready to step in. 

The SEC is on the verge of regulating crypto. But first, America has to decide, again, what a security really is.

Is crypto a security, like a stock? Or a tradable item of speculation, like a Beanie Baby? 

Robert Armstrong and Ethan Wu argue about the benefits and risks of regulating crypto.

Check out thus "Behind the Money" podcast HERE.

SEC Suits Against Binance And Coinbase Rock The Crypto Industry

Steven Ehrlich, the director of research for Forbes Digital Assets, joins "Forbes Talks" to discuss the state of the crypto market and his conversation with Coinbase's chief legal officer amid the SEC lawsuits.

Inside OpenAI, the Architect of ChatGPT - Bloomberg, The Circuit

In this episode of The Circuit, Emily Chang visits OpenAI’s futuristic offices to meet with Mira Murati, the company’s Chief Technology Officer. OpenAI is behind smash hits ChatGPT and Dall-E. Murati discusses both the bright future and potential risks of a world with widespread artificial intelligence. 

For perspective on the AI gold rush sweeping Silicon Valley, Chang meets with early OpenAI investor and LinkedIn Co-Founder Reid Hoffman for insight on OpenAI’s early days and where the VC money flows next.

VC Funding: Why Startups Are Failing to Raise Cash

After years of venture capital flowing freely into early-stage tech companies, investors are getting pickier. That’s forcing founders to make tough decisions and causing more of them to shut down.

Generative AI: what is it good for?

Generative AI is the technology behind the wave of new online tools used by millions around the world. As the technology is ever more widely deployed, what are its current strengths and its weaknesses?