U.S. DIGITAL CURRENCY vs CRYPTO
This is larry jones. Welcome back to stock up with larry jones im in the hallway at a hotel, uh had horrible lighting. Yesterday, hey if youre new to the page go ahead and hit the like subscribe and notification bell im going to try to keep this one short ive been still here at fincon, um was able to hang out uh with some uh youtube buddies, uh uh sam from My financial friend, i also had a blast with um 349 trading hanging out with matt and carlos those guys we did a live, had a lot of fun. Uh appreciate you guys having me on your live. Lets talk about the matter at hand, uh the feds and this new central bank, digital currency, um that theyve been talking about, and what do we think first lets listen to what they have to say. I just wanted to uh check in with you to see. If you have an update at all on the efforts from the fed to develop a central bank digital currency um, i believe that the report is supposed to come this summer and um indications thats going to come this month, but um drumbeat seems to be kind of Getting louder to see where the feds heading on this and just wondering if you can provide some update there sure id be glad to so um. We think its really important that the central bank maintain a stable currency and payment system for the publics benefit thats.
One of our jobs, we also live in a time of transformational innovation around digital payments, and we need to make sure that the fed is able to continue to deliver to the public a stable and trustworthy currency and payment system, so theres extensive private innovation. A lot of which is taking place outside the regulatory perimeter and innovation is fantastic. Our economy runs on innovation, but where the publics money is concerned, we need to make sure that appropriate regulatory protections are in place and today they really are not in some cases. So with that in mind and with the creation of myriad private currencies and currency, like products were working proactively to evaluate whether to issue a cbdc and if so, in what form. We have two broad work streams, one of which is really technology both at the board and in the federal reserve bank of bostons work with mit, the other of which is uh, is to identify scope out deal with analyze the various public policy issues, as you mentioned, We do intend to publish a discussion paper soon that will be the basis for a period of public engagement engagement with many different groups, including elected officials, around these issues. We think its our obligation to do the work both on technology and public policy, to form a basis for making an informed decision. The ultimate test will apply when assessing a central bank, digital currency and other digital innovations is. Are there clear and tangible benefits that outweigh any costs and risks were also, as you know, investing heavily right now in building a new settlement system for instant payments in the u.
s itll be the first such major expansion pension of our core payment system. Since the 1970s, we found the case for this quite compelling for consumers, businesses and and just ensuring that all financial institutions have access to the payment system so bottom line. We havent made a decision about the cbdc, but we will be in issuing a discussion paper soon in order to in order to film the basis of this public uh interaction that well have so just a short while ago. I did a post heres the results and i asked: would you uh, invest in regular cryptocurrency, or would you um invest in this new digital currency right and, as you could see, uh lets see here. 88 of you said, regular cryptocurrency and 12 said the u.s. You know digital currency and thats. What i think is going to be good people. I just think that if the feds do do this digital currency, its going to further undergird regular cryptocurrency its going to actually give it more legitimacy and with the more and more adoption and regulation of bitcoin and all cryptocurrencies, i believe its a positive move, just like When china, cracked down on all of the crypto mining companies and now theyre gone from china, so if, as china comes out with another report, that theyre cracking down its like, so what theyre all gone now right, so i believe that these are all positive catalysts for All crypto, so sometimes what we think is a threat is actually a good thing, and so i just wanted to stop in im going to keep this one real short and you, let me know uh what do you think this will do for cryptocurrency? I i knew ballpark where this uh uh survey was going to end up.
I thought it was going to be 75 percent uh, but i think that that is a general population of everybody and what everybodys really thinking right now? Why have a carbon copy when i can have the real thing? The whole purpose of crypto is decentralization, so why would we centralize it? Okay makes no sense, uh fetch here, so i you just guys go ahead and regulate what we already have thats working okay, and so you guys leave me a comment. Let me know what you think about this debate uh and tell me where you stand all right. Im gon na leave it right there, hey if youre, not in the crypto. I have a wonderful partnership with blockfi and uh coinbase all right for crypto, but i do my regular stock and my swing trading and weeble. But let me talk about block five for a minute, something that a lot of you guys may not even think be thinking about. I took money out of my savings account and im moving it over havent done it yet, but im gon na be moving it over into block five and im going to buy stable coin, because in block five, you can make four point five to five percent. On your money, just having it sitting in block fight theyre going to pay, you interest all right, theyre going to pay you interest on your bitcoin theyre, going to pay you interest on your ethereum theyre, going to pay you interest on your stable coin! More than a bank is paying so just think about that as another way of making money and or earning money on your money, good people all right were gon na leave it right.
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