In the last few years, the market of digital currencies has shown a significant growth. Many countries around the world are looking to create their own digital currency. One of them is America. However, the chairman of the US Federal Reserve, Mr. Powell, said in a recent statement that the US central bank could not decide whether to issue digital dollars or not.
He also added that the Federal Reserve is actively working with Congress to determine whether it is appropriate to create a digital dollar for the country.
Powell gives updates on the digital dollar
Last Tuesday, Mr. Powell released the statement during a panel discussion on digital coins hosted by the Bank of Finance, where he gave an update on the central bank’s digital currency development.
Jerome began his presentation by talking about the use of money in the United States. He noted that cash is still widely used in the country, but has seen a significant decline in usage compared to non-cash payments.
Jerome Powell
Mr. Powell explained that the federation is trying to determine how much it will cost and how it will benefit people by rolling out CBCC in the country. He explained that the Fed is looking carefully and trying to issue digital currency on a wider scale.
Powell also said that the U.S. central bank is not ready to make this decision right now and is looking to bring their expertise to bear on the matter with Congress and the executive branch and decide whether to create a digital currency for the country.
Issuing digital currency in the US is not easy
Powell said that even if they want to issue a digital currency now, they need to get approval from the government along with the executive branch to move forward with CBCC development. He said that the US central bank is unable to determine whether or not to issue digital dollars, leaving them with work to do for years.
What are your thoughts on the growth of the US digital dollar? How long do you think it will take them to issue digital dollars? Let us know in the comments below. And, if you find our content informative, share it with your family and friends.
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