As a shareholder of the Federal Reserve, should we be surprised that Goldman Sachs is creating a dollar denominated crypto
BY KEN SCHORTGEN
TheDailyEconomist.com
MAY 19, 2018
Hopefully by now most people reading alternative news will know that the Federal Reserve is not a government agency, but is actually a private institution that has member banks as shareholders. And as such, their fiduciary responsibility is to those banks, and not necessarily to the nation or government who provided them their charter.
Additionally, when you look at your U.S. currency you will notice of course that at the top it reads, Federal Reserve Note. And this means that the ‘dollar’ isn’t really money, but a debt instrument with a promise to pay it back at some future date. So with this in mind perhaps it should not come as a surprise that one of the shareholders (member banks) of the Federal Reserve is in the process of creating a new dollar denominated cryptocurrency through its subsidiary Circle that could one day be used as a potential replacement for the dollar in either bank settlements, or even in direct commerce.
Payment company Circle has announced that it is launching so-called Circle USDC (USD Coin), a cryptocurrency pegged to the US dollar, CNBC reported. The financial technology firm went on to say that with the advent of the very promising blockchain-based technology, as well as surge in the popularity of cryptographic assets the “open Internet” system is ahead of a major breakthrough.
“A price-stable currency, such as a token pegged to the US dollar, is critical for enabling mainstream adoption of blockchain technology for payments as well as for supporting maturation in financial contracts built on smart contract platforms, such as tokenized securities, loans, and property,” the company stated in its blog. – Sputnik News
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