The US Federal Reserve Chairman, Jerome Powell, has said that the United States is seriously studying central bank digital currencies and it will proceed with caution rather than rush before having one.
Powell said that the U.S. Dollar is the world’s reserve currency and it is not likely that a CBDC by China or some other country is going to change the status of the U.S. Dollar anytime.
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Speaking on CNBC, Powell said:
“CBDCs are now possible and we are going to see some of them around the world.” However, it’s far more important to do it right rather than to do it first or feel that we need to rush to reach conclusions because other countries are moving ahead.”
– Chairman, U.S. Federal Reserve
Powell said the government is ‘engaged in a very serious program to understand the technology and policy issues’ surrounding the deployment of a CBDC.
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RECOMMENDED READING: WEF Debuts a Central Bank Digital Currency Framework and a Digital Currency Global Governance Consortium
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