Fed “digital dollars” are part of debate over coronavirus stimulus

Re:Fed “digital dollars” are part of debate over coronavirus... by systemvoltage on Tuesday March 24, 2020 @10:24PM (#22681443)

Let me illustrate:

FED -> JOE's bank account -> ATM cash withdrawal -> Buys private stuff $$$ cash

FED -> JOE cashes the check -> Buys private stuff with $$$ cash

The FED still knows that it went to JOE. Whether they use the bank as the intermediary or a check-cashing service as an intermediary, its all traceable.

May be my logic is flawed here? To me, it doesn't make any difference. In both cases, what JOE bought with hard $$$ cash is indistinguishable. I think we're making a big deal out of this - I haven't read the bill but I am presuming that its just a modernization of physical mailing of checks to some wire transfer.

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Re:Fed “digital dollars” are part of debate over coronavirus... by sneak on Tuesday March 24, 2020 @10:28PM (#22681461)

I don't think they intend to make any convenient routes for these digital dollars back to untraceable cash.

After all, they'll be debit-card accessible to buy food or supplies; why would you need cash unless you're going to buy drugs or something?

They're talking about using these digital dollars instead of checks, for the unbanked and those without addresses at which they could receive a check, et c.

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Re:Fed “digital dollars” are part of debate over coronavirus... by digitalnative97 on Tuesday March 24, 2020 @10:34PM (#22681495)

In California EBT recipients can cash their Cash aid at certain ATMs.

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Re:Fed “digital dollars” are part of debate over coronavirus... by sneak on Wednesday March 25, 2020 @07:09AM (#22683486)

Which makes a log of when and where the card was used to receive cash, as well as provides digital imagery of who used it.

Checks don’t do this.

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