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Just when you thought QE (qualitative easing) was getting out of hand, the Federal Reserve is now looking to create a digital Federal Reserve Note. The language of the proposed bill is monumental. > "The bill is called the "Digital Asset Market Structure and Investor Protection Act" ("Digital Asset Bill"). And for the majority, it sets out future rules for crypto. However, hidden in this bill, changes to the foundation of the Dollar are proposed." > "...the Federal Reserve System is authorized to issue digital versions of Federal reserve notes in addition to current physical Federal reserve notes. Further, the Board of Governors of the Federal Reserve System, after consultation with the Secretary of the Treasury, is authorized to use distributed ledger technology for the creation, distribution and recordation of all transactions involving digital Federal reserve notes." > BitDollars??

After the departure of the last Acting Comptroller of the Currency, who was looking to aggressively coordinate regulators and crypto companies, US regulators appear to be at odds with crypto and distributed ledger approaches. In Russia, on the other hand, Sber is purportedly working with Russia's central bank to register its digital assets platform, "which would pave the way for the launch of the digital assets trading platform in Russia." If the US appears hostile to crypto and Russia appears accommodating, Russia may be in a much stronger position as a world financial player if crypto continues to emerge.