United States in no hurry to develop digital dollar, says Fed’s Powell

19 Octobre, 2020, 23:41 | Auteur: Auguste Feret
  • The Future of Digital Yen

US Fed Chair Powell believes that the United States should focus on getting right the development of a central bank digital currency (CBDC), rather than attempt to be first. He also stated that whether a digital currency helps the U.S.to preserve the centrality of a trusted and accepted currency is "an open question".

"On Monday, Jay Powell gives his input on central bank digital currencies at the International Monetary Fund talk listed above. Moreover we have robust and mature financial and banking sectors, and we have a highly-banked population, so that many, although not all, already have access to the electronic payment system".

Powell added that besides the benefits that such a currency can bring to the USA, some hard policy and operational questions needed to be answered before taking a leap of faith into the CBDC.

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Although Powell admitted that the digital currency has the potential to improve the current payments system, he claimed that the Fed hadn't made a final decision on launching its own. This isn't the first time Powell has discussed digital currencies. "Given the dollar's important role globally, it's essential that we remain on the frontier of research and policy development". Powell did point out the issues the Federal Reserve will face with the possible implementation of a digital dollar, noting cyber attacks and illicit activities were among the concerns. Powell indicated that the Federal Bank issuance of the digital currency was a work in progress, indicating that they had already taken initial steps into researching the project and how it would impact the U.S. economy. "So they're not simple questions and the answers are going to need to be comprehensively understood".

Around the world, central banks have also been toying with the idea of implementing similar digital currencies ideas. They might also have to compete with the controversial Facebook-led Libra stablecoin or digital payment project. "They are coming under stealth of X-border payments but it means so much more..." "I do think it has caused regulators to think carefully about the appropriate risk management and compliance expectations for emerging innovations".

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