Read this fascinating letter of US congressmen to Fed, asking to develop digital USD.

They rightly say that the nature of the money is changing and it’s not only bitcoin which will replace paper money, but first & foremost digital USD, EUR, etc and it’s coming faster than most think, but first — digital CNY it seems (notice China first developed paper money as well).

I can’t imagine that Fed is not working on digital USD already, especially that, apart from fending off bitcoins, it is massively in gov’s interest — they will easily trace the payments, enforce automatic taxes, etc, etc (that it will limit personal liberties — yes, so people should raise their voice, but it’s another debate).

Central Bank Digital Currencies (CBDC) will be massively beneficial for the economy, bcs by applying it together with blockchain and other tech, you will be able to automate & streamline a lot of processes, not the least physical agri-trading as well (on which our project Cerealia is working currently).

But even if Fed creates soon its digital USD, IMHO it will be difficult to keep USD’s importance as a reserve currency. Apart of CBDCs & bitcoins, multiple non-gov stablecoins like Libra will soon be available, which will enable world not to be dependent on one country’s monetary policy and issues with procuring that country’s currency.

I do believe in a brighter future for streamlined & seemlessly available to all world trade.

https://static.coindesk.com/wp-content/uploads/2019/10/Foster-Hill-US-Crypto.pdf