And in the House, the Genius act had a provision about central bank digital currency that closed off, offering a retail CBDC like the Federal Reserve, offering a direct account to consumers. But that's not what the Federal Reserve is working on. What they've been building, the Death Star they've been building is called a wholesale cbdc. So they've been designing this system so that on the back end, all the data has collected on the front end by the banks or issuers, and then on the back end, all the rest of it is stored in the blockchain. (19:57–20:03)
CLAIM
Asserts that the Federal Reserve is working on a wholesale CBDC.
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