At this year’s “World Economic Forum” in Davos, Switzerland, Nobel Prize-winning economist Joseph Stiglitz declared that the U.S. “could and should move to a digital currency and get rid of (paper) currency.”
But Stiglitz isn’t the only high-profile economist who wants to ban cash.
Last year, former U.S. Treasury Secretary Larry Summers declared it was “time to kill the $100 bill”… arguing that, by making large bills illegal, it would reduce crime.
To add fuel to the fire, the U.S. government has been rigorously studying Bitcoin for about two years now… and instead of fighting Bitcoin, the Feds seem poised to wipe out the U.S. dollar by creating their own digital currency.
The National Science Foundation, a U.S. government agency that supports and funds research… has awarded $3 million to three U.S. universities for wide-ranging cryptocurrency research.
Cornell, the University of Maryland and the University of California Berkeley will focus on developing new cryptocurrency systems that, according to principal investigator Elaine Shi, will address “pain points” attributed to Bitcoin and other existing networks.
She further continues…
“We believe that our research can help establish cryptocurrency as a prominent research area, and make a big impact in shaping the future of financial transactions and e-commerce.”
That $3 million is just a drop in the bucket compared to the $7 billion in funding the agency received from Congress. They’ve funded other efforts aimed at exploring cryptocurrencies, including one initiative at Princeton University and another at the University of California-Irvine.
So far the Fed’s heavily funded research is paying off…
The FBI already knows how to seize digital currencies…
The Marshal’s Service know how to sell it…
The IRS know how to tax it…
And now, the Federal Reserve could copy it to rid the U.S. of cash.
So, why would a government want their own cryptocurrency?
Thanks to new technology called “block chain”, the government will have the ability to protect their new Fedcoin against counterfeiters.
And the crucial reason as to why the U.S. will develop it’s own Fedcoin…
Nearly all governments, not just the U.S. have made it clear that, they are not fans of anonymous cash transaction. Many countries already have restrictions on cash transactions, and the U.S. government would love the prospect of having every transaction collected in a centralized database.
How will the new Fedcoin affect you?
In the video below, you’ll hear a strong warning from bestselling financial author Doug Casey, regarding the consequences of the “new potential cryptocurrency plan by the Fed that could start in the next 6 months.”
Hit play below and you’ll also hear four steps to take today to prepare yourself and protect your savings.