Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

admin
Pinned February 13, 2022

<> Embed

@  Email

Report

Uploaded by user
Federal Reserve study offers no answers on creating a digital dollar
<> Embed @  Email Report

Federal Reserve study offers no answers on creating a digital dollar

The US Federal Reserve begins looking into its own digital currency

The Fed wants the US to play a “leading role” in developing international standards.

Steve Dent
S. Dent
May 21st, 2021
Federal Reserve study offers no answers on creating a digital dollar | DeviceDaily.com
Jim Young / reuters

The US Federal Reserve took a step toward developing a digital currency as it announced plans to publish a research paper on the subject. The aim is to gather public comment and get the US play a “leading role” in the development of international standards, said Fed chairman Jerome Powell in a video message

“To help stimulate broad conversation, the Federal Reserve Board will issue a discussion paper this summer outlining our current thinking on digital payments, with a particular focus on the benefits and risks associated with CBDC in the U.S. context,” Powell said. “As part of this process, we will ask for public comment on issues related to payments, financial inclusion, data privacy, and information security.” 

The announcement takes the concept of a “digital dollar” from a small research project into something potentially larger. The Fed aims to explore how “central bank digital currencies” or CBDCs could fit into the US banking system. 

At the same time, the Fed is likely trying to accelerate work toward a potential US digital currency as other nations, particularly China, are farther along. Last December, China announced that select users could spend digital yuan given out in a lottery-type experiment. Digital currency is seen as a way for a China to not just a way to bolster its own monetary system, but as a tool for soft power internationally. 

To that end, Powell emphasized that while the US hasn’t come to any conclusions on a digital dollar, “we expect to play a leading role in developing international standards for CBDBs,” he said. That make take some time, however, as he added that the decision will require “careful thought and analysis” from the public and elected officials. 

Engadget is a web magazine with obsessive daily coverage of everything new in gadgets and consumer electronics   

(30)