Message:

<p>[QUOTE=&quot;fatima, post: 1308272, member: 22143&quot;]There is no such thing as USD digital currency. This incorrect notion was established here to justify the position there is more than one type of dollar.&nbsp; Instead There are digital (paperless) transactions that allow for the movement of $ currency from one account to another.&nbsp;&nbsp; This is from the Federal Reserve of NY, which is the actual banker for the US government.&nbsp; </p><p><br /></p><p><br /></p><blockquote><p>Financial Services</p><p>The New York Fed and the other Reserve Banks provide several important services to the Federal government...</p><p><br /></p><p><b>As the banker for the Federal government</b>, the Fed clears checks drawn on the Treasury&#039;s account. <b>Acting as fiscal agents for the government, the Reserve Banks sell, service and redeem Treasury securities.</b> Further, currency and coin are placed into or are withdrawn from circulation in response to seasonal and cyclical shifts in the public&#039;s need for cash. <u><b>Almost all U.S. currency now consists of Federal Reserve notes</b></u>, which were first issued in 1914.</p><p><br /></p><p>The New York Fed operates two types of electronic funds transfer (EFT) systems, which permit the rapid nationwide clearing and settling of electronically originated credits and debits among financial institutions. <b>One system, Fedwire, developed and maintained by the Fed and overseen by the Fed&#039;s Wholesale Product Office, transfers large-dollar payments among Federal Reserve offices, depository institutions and federal government agencies.</b> The New York Fed serves as the Wholesale Product Office for the Federal Reserve System. In this capacity, it is responsible for strategic planning and oversight of the Fed&#039;s large-dollar funds and securities transfer businesses, as well as its net settlement services. The majority of U.S. Fedwire transactions originate from Second District financial institutions.</p></blockquote><p><br /></p><p><br /></p><p>Thus, the electronic payment system that is being referred to as &quot;digital dollars&quot;, is nothing more than the Fedwire system operated by the Federal Reserve.&nbsp; All money flowing through this system are Federal Reserve dollars.&nbsp;&nbsp; This includes the money from sales of US Treasuries.&nbsp;&nbsp; There is no other type of USD in use now.[/QUOTE]</p><p><br /></p>

Your name or email address:

Do you already have an account?

• No, create an account now.
• Yes, my password is:
• Forgot your password?

Stay logged in