Mensing.AI

My journey into AI/ML/DL and other areas of interest.

FedCoin 💰

I’m an Econ major so my ears perk up at mention of the Federal Reserve. Cryptocurrencies have the same effect since I like tech. So this article was like catnip. 😸

The monetary policy possibilities of a potential FedCoin are really interesting, especially since traditional measures are not nearly as effective as economists would like to believe. I’ve long wondered why so many of these things are based on the assumption that humans are rational agents since there is so much evidence to the contrary, but I digress. 👣

But I don’t think FedCoin would be a cryptocurrency as it would be centralized. I think it would be a new, digital form of fiat currency based on the crypto concept. 💵📲

I also bristle at the assumption at the end that a central bank is needed for currency control. If a new breed of digital finance became so popular that the majority switched over to it, wouldn’t that mean it is the proper choice? I know that monetary control is important for nations, but wouldn’t this move be a sign that we’ve become post-nation? 🤔

The cryptocurrency and blockchain spheres are going to be really interesting to watch. Especially now that it’s gone mainstream and is garnering interest from monetary authorities and nation states. 🔮

Src: Yahoo! Finance

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