America May Launch a Crypto Coin

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The central bank of America is pondering whether to launch its own digital coin, and they want your feedback.The American government is asking for opinions to shape the future of currency.

That means America might soon have something like: “Freedom Coin,” or “Eagle Coin” or even just “Freebird Coin” — but none of those names, because they’re already taken.

Regardless of the name, it seems very possible now that America will need to adopt its own cryptocurrency. After all, China already has. And that's why America wants feedback on how to do it, and whether to do it.

“We look forward to engaging with the public, elected representatives, and a broad range of stakeholders,” Federal Reserve Chair Jerome H. Powell said.

But there's one key player on the scene who seems to be pushing the “crypto” ball forward.

A lot of the new interest behind American Crypto is from Lael Brainard, recently nominated by the President to become second-in-charge at the Fed.

Brainard says it's essential for the USA to remain competitive by adopting its own crypto, especially after China launched a digital currency last year. She also believes it could help lower-income Americans who struggle with access to financial systems.

This seems to be a win all-around. Of course the only drawback I see is the monetary system could become more vulnerable to hackers, so this should be the main focus before launch.

Does the market like this news?

So far, no... While writing this the morning of Jan. 21, the crypto markets are crashing.

While the effect on the crypto market has been negative so far while some assume the worst, some may also realize this news could actually legitimize cryptocurrency.

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Standard disclaimers: This is not financial advice, and meant for educational purposes only. Note the author may hold the coins mentioned. Remember: Trading cryptocurrency is extremely risky and people should only invest what they can afford to lose.

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