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US Digital Currency: Any Prospects?

3 October 2019, 15:29
Votes: 1

Financial Services Committee of the US House of Representatives sent a request to the Federal Reserve concerning their plans of creating a digital version of the USD.

US Digital Currency: Any Prospects?

According to Jerome Powell, Chairman of the Federal Reserve Board, the significance of the US dollar might be in danger due to the worldwide adoption of electronic currencies. His opinion received support from the lawmakers, who emphasized that digital money has all the potential to take on the features of its paper equivalent. Therefore, development of a digital US dollar might be a pressing matter.

The congressmen added that the Federal Reserve is able to create a more stable and safe financial system with the help of launching an electronic national currency.

However, according to Simon Potter, the Federal Reserve ex-representative, replacing the paper US dollar with its digital equivalent is meaningless. He also said that private companies might start taking steps in this direction, which central banks should be concerned about.

As mentioned earlier, Sheldon Adelson made an attempt to reduce the tension between the USA and China by calling Donald Trump.

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