Fedcoin Price, The Blockchain-Backed Central Bank Cryptocurrency, And China

May 15, 2023
2 People Read

By Leroy A. Brown

Fedcoin is a hypothetical digital currency that a central bank, such as the U.S. Federal Reserve, may issue.

Fedcoin is also referred to as a blockchain-backed central bank cryptocurrency.

Fedcoin is used to explore the idea of having a digital currency.

Fedcoin would be a central bank digital currency (CBDC), which is a digital version of a country's fiat currency.

Those who support fedcoin or, by extension, central bank digital currency (CBDC) have purported that fedcoin or CBDC could have several advantages over traditional money.

Some of these benefits are increased efficiency, more inclusion, faster transaction times, more security, more data collection, and lower costs of financial transactions.

However, some of the concerns and issues expressed about fedcoin or, by extension, central bank digital currency (CBDC) are:

  • Privacy may be taken away

  • Transactions may be tracked and controlled

  • The traditional banking system may be negatively impacted

  • Cyber attacks may increase substantially

While the U.S. Federal Reserve has not officially decided to have a fedcoin, they and many other countries are monitoring the progress made by the People’s Republic of China’s central bank – The People’s Bank of China, which has expanded the use of its digital yuan into trade and has over two hundred million (>200 million) users.

Seeing the control and extensive usage of the Chinese government's digital yuan, many nations are planning similar outcomes.

Many other nations are using the Chinese model to have digital currencies that allow their governments to have greater control of the financial system.

In this context, it appears China is no longer viewed as communist nor a nation violating human rights; instead, China is being recognized as a leader to follow regarding digital money and having greater control.

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