digital dollar?  This is what the Fed is contemplating

digital dollar? This is what the Fed is contemplating

The Federal Reserve (Fed) opened the door to a possible incursion of the digital dollar in the US economy. This Thursday, the financial body requested comments, through a discussion paper on the eventual digital currency backed by a central bank (CBDC, for its acronym in English).

(See: Dollar in Colombia is below $4,000).

The introduction of a CBDC would be a very important initiative for the US economy”, the Fed says in the document.

The Federal Reserve will wait for comments until next May 20 and added that “he prefers that legislators authorize the entry of this digital currency.”

“We look forward to engaging with the public, elected representatives and a wide range of stakeholders as we examine the positives and negatives of a central bank digital currency in the United States,” Fed Chairman Jerome Powell said in a statement.

(What’s more: Colombian Stock Exchange: with liquidity but stops increases).

Among the benefits of the digital dollar highlighted by the Fed is “maintain the dominance of the dollar in the international financial system.

“The Fed is finally on an issue that is unavoidable for central banks as they contemplate how to ensure monetary and financial stability,” said Eswar Prasad, a professor at Cornell University.


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