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The head of the Fed announced the possibility of issuing a digital dollar

The Chairman of the Federal Reserve System (FRS) Jerome Powell announced the possibility of issuing CBDC and reminded that it is more important to do it correctly, and not to compete with others.

In an interview on CNBC, Powell said that the success of other countries in developing digital currencies has not changed the Fed’s attitude.

“We will see CBDC. But we must not rush because others have taken the lead. “– he explained.

A more important criterion, in his opinion, is how the digital dollar will help ordinary citizens and will be integrated into the financial system.

The Fed chief expressed doubts that the digital yuan model is applicable to the United States. It “just won’t work here,” he said, as the Chinese government has the ability to see every payment in real time.

“It has more to do with what is happening in their own financial system, rather than what is happening globally,” Powell explained.

The Fed chairman in his speech referred to a report by the Bank for International Settlements (BIS), which argues that CBDC should coexist with cash and other types of money.

We will remind, in March, Jerome Powell said that bitcoin can replace gold, but not the US dollar.

Earlier, ForkLog said that the Fed and MIT staff will complete work on the CBDC prototype by July 2021.

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Fidenge Pecold

My profession is a journalist, but my hobby for 8 years has been studying Forex investing and trading. During this time, I managed to gain extensive experience in investing and trading cryptocurrencies and double my capital in the Forex market. To be the author of this magazine, the site owners invited me to participate in one of the 2020 trading webinars, and I will try to reveal the most relevant crypto market news for you.

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