US Federal Reserve sees no point in developing a digital dollar

Fed Chair Jerome Powell spoke to the IMF about digital currencies

US Federal Reserve Chairman Jerome Powell said the agency is studying the prospects for launching the digital dollar, but has not yet identified clear benefits of its use..

Replying to a letter from congressmen with questions about the Fed's plans to develop a central bank digital currency, Powell said he was aware of the intentions of other countries in this direction, but continued to study perspectives such an initiative.

According to him, so far this is not a priority issue, since there is a fairly high demand for cash in the United States and a lot of competitive payment systems operate. In addition, the release of the CBDC raises a number of issues related to legislation, monetary policy, regulation and operation (confidentiality, security, accounting, emission volume).

US Federal Reserve sees no point in developing a digital dollar

As a result, Jerome Powell pointed out that the Fed has not yet identified the potential economic benefits of using the digital dollar..

text: Ivan Malichenko, photo: CNBC

US Federal Reserve sees no point in developing a digital dollar

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