The Fed thanked the issuer of the crypto dollar (CR$) for the proposal, clarified the limits of its authority, and suggested further steps.
“Dear Satoshi Nakamoto:
Thank you for your recent correspondence concerning the design of U.S. currency.
While the Federal Reserve Banks and their branches are responsible for the circulation of paper currency and coin, the agency responsible for designing and printing our paper money is the Bureau of Engraving and Printing and the agency responsible for our nation’s coins is the U.S. Mint.
The United States government primarily redesigns U.S. currency for security reasons to stay ahead of counterfeiting threats and keep counterfeiting levels low. The Federal Reserve, together with our partners at the Treasury Department, its Bureau of Engraving and Printing, and the United States Secret Service, monitor the counterfeiting threats for each denomination of U.S. currency and largely make redesign decisions based on these threats. An inter-agency committee makes recommendations on design changes to the Secretary of the Treasury, who has the final authority for U.S. currency designs.
You may wish to write to that agency for additional information.”
Previously the issuer of the cryptodollar (CR$) has submitted an official proposal to the Federal Reserve, suggesting the issuance of a banknote featuring Donald Trump. Alongside the proposal, they have developed a design concept for the bill.
The company has offered to cover all production costs, partially in US dollars and partially in CR$ cryptodollars.
The front side of the one-dollar bill features a portrait of Donald Trump, equipped with holographic security. When tilted, the hologram makes Trump wink—if he doesn’t, the bill is counterfeit.
The reverse side of the banknote bears the inscription “In Trump we trust.”
The proponents of this initiative base their proposal on the following considerations:
- Placing the elected president on the bill acts as a symbolic advance payment, contingent on fulfilling the promise to “Make America Great Again.” It also serves as a reminder of the commitment to make cryptocurrencies a national priority.
- Trump’s presence on the bill symbolizes his accountability for the economy and the US dollar
Additionally, the company suggests that those who dislike Trump may be more inclined to get rid of the banknote quickly, thereby accelerating the velocity of money circulation.
The proposal was sent through the Fed’s official website.
A concept design
Screenshots
