Late last year, the Fed announced a pilot program for a central bank digital currency.  The digital dollar would offer a federal alternative to cryptocurrency, backed by the government. Citizens could open a bank account directly with the Fed, accessing digital funds on an app or a prepaid card, said David Waugh, managing editor at the American Institute for Economic Research, in a column for The Hill.  “Cash remains our strongest tool to promote financial inclusion while preserving privacy and security, and new digital tools should emulate it– not replace it,” said U.S. Rep. Jesús “Chuy” García, an Illinois Democrat, in support of legislation to develop a digital dollar.  But a digital dollar would also give the government “direct control over citizens’ bank accounts,” Waugh writes. China’s government has touted its own digital currency as a means to control its citizens… (READ MORE)

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