NY Times Op-Ed Endorses Fed-Backed Cryptocurrency With ‘Incentive’ for People to Spend by ‘Shrinking’ Balances if They Refuse

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A Cornell University professor took to the pages of The New York Times on Thursday to call for a government-backed digital currency capable of imposing an “incentive” to make Americans spend faster.

“To keep their money relevant, many central banks are experimenting with digital versions of their currencies,” Eswar Prasar, a professor of trade and a senior fellow at the Brookings Institution, noted in the column. “These currencies are virtual, like Bitcoin; but unlike Bitcoin, which is a private enterprise, they are issued by the state and function much like traditional currencies.”

Prasar argued the United States Federal Reserve should follow countries including China, Japan, and Sweden in working to establish a centralized
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