Still No Plan for US Central Bank Digital Currency After Latest Fed Meeting – Decrypt

America a. appears to be stalling the development of central bank digital currencyFederal Reserve policymakers discussed the technology but did not say whether they had made any progress.

At Tuesday’s conference on the international role of the dollar, economic advisors and Fed giants discussed Digital Assets and Can CBDCs Benefit America

According to a statement from the Fed, “the panelists generally agreed that the technology by itself would not lead to drastic changes in the global currency ecosystem.”

A CBDC is a digital version of a state’s fiat currency – such as the British pound or euro – backed by a central bank. Such assets are centralized, as opposed to cryptocurrencies. Bitcoin And Ethereum,

Several other countries are researching the usefulness of CBDCs, and China is well ahead of the game with its digital renminbi: country free A digital wallet for citizens in Jan.

The idea is that countries can go cashless while simultaneously increasing security and expediting payments. But the central bank of the world’s largest economy has repeatedly said that it is correct. research A digital dollar—and today’s conference confirmed it was in no hurry to release.

Bank of America in January Told A digital dollar could help maintain its status as the world’s reserve currency. But the panelists at today’s conference saw no reason to move forward, despite the potential benefits.

“The panelists did not express the material threats to the dollar’s international roles arising from digital assets in the short term,” the Fed statement said, and suggested that digital assets could really be a reality if new sets of services are structured. These roles can be strengthened in the medium term. The dollar is tied around these assets.”

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