Are CBDCs the future of money?

Governments are starting to convert their currencies into digital currencies

Ric Edelman: Governments around the world are now planning on taking their currencies and converting them into digital currencies. It's called a CBDC (a central bank digital currency). Malaysia has just announced they're working on one, joining Jamaica, Singapore, Bahrain, Brazil, Australia, the European Union and China. At the Olympic Games, China introduced its digital currency along with Visa. They were the only ways you could buy stuff at the Olympic Games. Is our Fed going to create a federal digital dollar? Bank of America is encouraging the Fed to do so and says the Fed could release it as soon as 2025. BofA calls a CBDC the inevitable evolution of today's electronic currencies. And Financial Times just ran an editorial saying a digital dollar is worthy of the Fed's consideration. The Federal Reserve risks being left behind in the battle to determine the future of money. That's what the newspaper said. Central banks elsewhere, the newspaper wrote, notably China and Europe, have all taken decisive steps towards creating their own digital currencies. The Fed is right to take its time to consider the future of money, but the world's most important central bank cannot remain a laggard forever. I think with motivation and encouragement from such institutions as the Financial Times and Bank of America and others, I think it's inevitable we're going to see a digital dollar here in the United States, likely well before the end of this decade. Stay with us for more here on The Truth About Your Future.