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Hey Everyone, welcomes back to My blog Crypto Times and Hopes you Guys are doing good. This Article on America’s digital dollar project.
Digital Dollar
American Federal reserve announced a digital dollar currency backed by the central government. The central bank told that they release a research paper at the end of 2021. The main reason for the launching Digital dollar project is the increasing popularity of Chian digital currency. If you want to buy digital Yuan then click on the article link.
CBDC
Center bank digital currency also known as the government currency in Digital Form which backed by the central government. Currently, only China has successfully launched its own CDBC currency. USA and India also announced their project on Digital government currency.
Road Map of Digital Dollar
1. First, It will launch a paper on the Benefit and Risk of Digital Dollar
2. Public opinion at risk if digital currency and is move next?
3. Then launch research paper on CDBC
4. Launch CDBC for public use in an easy way.
Effect on Bitcoin, Ethereum, etc
Most of the CryptoCurrency like Bitcoin, Ethereum, Dogecoin, etc are Deceterlise and don’t back by any asset and Government. After announcing the Digital dollar project, the crypto market down by 25%.
Opposing the Chinese digital currency.
Currently This year, the Chinese central bank successfully launched its own Digital currency called digital Yuan. big countries like the USA, Japan, Australia, Canada India, and European country always focused on the Chinese step because they look at threats. China wants to be a superpower, so it wants to accept Chinese currency in the whole world as like Dollar. So now the USA wakes up and saving hi currency against the Digital Yuan.
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