Niall Ferguson, a historian and the Milbank Family Senior Fellow at the Hoover Institution at Stanford University, believes Joe Biden’s administration should admit the benefits of integrating bitcoin (EXANTE: Bitcoin) into the US financial system instead of focusing on the digital dollar.
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In the op-ed for Bloomberg, Ferguson writes that the Internal Revenue Service is already "perfectly prepared" to request information on bitcoin accounts from cryptocurrency exchanges.
"Rather than seeking to create a Chinese-style digital dollar, Joe Biden’s nascent administration should recognize the benefits of integrating Bitcoin into the U.S. financial system," Ferguson wrote.
Ferguson emphasizes bitcoin is also considered by respectable individuals and institutions as a store of value of their economic lives. Bitcoin — believes Ferguson — was initially created to be less centralized and more respectful of individual privacy than the systems of less-free societies.
In August, Lael Brainard, a member of the US Federal Reserve's Board of Governors, officially confirmed that the Fed is testing "a hypothetical digital dollar" for research purposes.
The central bank official said research teams from the Boston Fed and Massachusetts Institute of Technology are working in a "multi-year effort to build and test a hypothetical digital currency oriented to central bank uses."
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