Excerpt:
"“We’re on the brink of a dramatic change where we’re about to — and I’ll say this boldly — we’re about to abandon the traditional system of money, and accounting, and introduce a new one…. The new accounting is what we call ‘blockchain.’ It means digital. It means having an almost perfect record of every single transaction that happens in the economy, which will give us far greater clarity over what’s going on…. It also raises huge dangers in terms of the balance of power between states and citizens.”

What you must understand is the adoption of a digital dollar by the U.S. government would be one of the greatest expansions of federal power ever made. You also must understand that a digital dollar would be much different than a cryptocurrency like bitcoin, which is decentralized and has limitations on its ultimate quantity.

The key distinction is that Fed issued digital dollars would be traceable and programmable and would be integrated with the Fed and private banking. Specifically, digital dollars would be programmed to have various rules and restrictions governing how and when they are spent."