WA Post Opinions byCampbell R. Harvey is a finance professor at Duke University’s Fuqua School of Business.
Bitcoin is big. But fedcoin is bigger.
He does the usual fable about cashless money enforced by the regulators where we all call mommy.
My bet. Within three months we will be testing digital bearer bitcoins. Except for discount coupons in the e mail, this will be the first true digital bearer cash, ever.
Let us see what Fedcoin wants to do about that.
I give Fedcoin a clue. Allow member banks to lock up a portion of excess reserves, and issue digital bearer Fedcon, no blockchain, just a dollar limit per customer, usable for small change only. Call it he $100 loose ATM card change.
If Fedcoin did this simple advance, with the regulation, then they drive the ATM chip industry, and they give a huge ATM fee reduction for the many small spenders. The POS industry will respond or be left in the dust. It allows the central bank system to sneak into the sandbox and get their toes wet, and they keep the same ATM chip architecture. Then as they learn the simple rules of regulation, they can raise the limit.
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