Digital Dollar too Important to Rush, Says Fed Chairman

2021-4-12 15:16

U.S. Federal Reserve Chairman Jerome Powell spoke on 60 Minutes about the possibility of issuing a digital dollar.

60 Minutes correspondent Scott Pelley said that China recently developed its own central bank digital currency (CBDC). In light of this, he asked Powell whether the U.S. is working on its own native “digital dollar.”

The Fed Chairman responded by saying that the Federal Reserve (Fed) is currently evaluating it.

According to Powell, the Fed is considering whether a digital dollar would actually benefit the public in an advanced economy where fast digital payments already exist. He also said the Fed would have to involve Congress and the American public in the process.

Understanding the technology for policy

However, Powell stated that his institution is responsible for understanding the technology behind a digital dollar. “How would it work? What would the features of it be?” Powell posited. “There are many subtle, and difficult policy choices and design choices you have to make.” 

Powell also said that software development was taking place at the Fed Board. He also mentioned that other regional Federal Reserve’s were also participating in research projects. One such project is research underway at the Boston Fed. Based on that preliminary research, Bloomberg revealed that financial institutions were skeptical of the positive impact of a digital dollar. The American Bankers Association specifically said it could set payments back several years.

The Importance of the digital dollar

Powell said that other developed countries are experimenting with CBDCs and that the Fed is working alongside central banks. He mentioned that the use of cash had fallen dramatically in these other countries. But, in the United States, “Americans still like to use cash,” Powell said. He highlighted this as another reason why the Fed would consider the situation in the US as its primary motivation.

The Fed Chairman also reflected on the potential negative consequences of issuing a digital dollar. Despite the Biden administration being wary of the digital yuan, Powell stressed that the dollar was too important to rush. “We do not need to be the first ones to do this,” he emphasized. “We want to get it right and that’s what we’re going to do.”

The post Digital Dollar too Important to Rush, Says Fed Chairman appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Digital Rupees (DRS) на Currencies.ru

$ 6.38E-5 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $6.38E-5 - H: $6.38E-5
Капитализация $32.611k Rank 99999
Доступно / Всего 510.803m DRS

digital own dollar light bank currency cbdc

digital own → Результатов: 126


Фото:

United States Examines Launching Digital Currency, Confirms Federal Reserve Chairman

United States Federal Reserve Chairman Jerome Powell has confirmed that the nation is looking into launching its own Central Bank Digital Currency (CBDC). The news comes at a time when many other nations have also hinted at launching their own national digital currencies in a race to be among the first countries to do so.

2019-11-21 13:34


Bank of Japan Studying the Role of Digital Currencies: Bank’s Governor Haruhiko Kuroda

Japan is well known for its positive crypto regulations and has become a guiding light for G-20 nations in order to help them formulate their own positive crypto regulations. Now as per the latest development the Central Bank of Japan called Bank Of Japan (BoJ) has initiated research on digital currencies, revealed the bank's chairman […]

2019-11-19 22:46


Digital Currency Project Report by Thailand and Hong Kong Is Due to Release in Q1 2020

Digital currency has been a topic of interest since the industry began, but the concept of implementing national versions of these currencies is becoming more and more appealing. Hong Kong and Thailand have expressed interest in establishing their own digital currency as well, controlled by their central banks. According to reports from The Block, we […]

2019-11-8 02:24


Фото:

Do the Math: XRP is One Tenth As Volatile As Fiat for Cross-Border Transactions

Many consider data transparency the foundation of truth. It gives people access to information and an opportunity to form their own, unbiased opinions. At Ripple, we provide transparency about Ripple’s sales of the digital asset XRP through our quarterly reporting, and we continue to find other ways to share new useful data and insights about … Continued The post Do the Math: XRP is One Tenth As Volatile As Fiat for Cross-Border Transactions appeared first on Ripple.

2019-11-1 20:29


Фото:

Bank of Canada to Fight Crypto with Own Digital Currency

The Bank of Canada (BoC) is thinking about developing a digital currency that would eventually replace fiat money completely, according to local media platform The Logic. Govt-Backed Digital Currency for More Control Bitcoin came out more than a decade ago as a decentralized, peer-to-peer currency system that enabled privacy and bypassed government control.

2019-10-17 15:00


CEO Calibra назвал себя большим поклонником биткоина

Глава блокчейн-подразделения Facebook и CEO Calibra Дэвид Маркус назвал себя «большим поклонником биткоина» и заявил, что считает первую криптовалюту цифровым золотом. Does the creator of Libra own Bitcoin? «I’m a big fan of bitcoin and what I see as digital gold,» says @DavidMarcus on #btc pic.

2019-10-17 14:06