The Chairman of the US Federal reserve’s Jerome Powell, has confirmed: The U.S. is planning for the introduction of a digital Central Bank currency (CBDC). America is following in many other countries that want to introduce national digital currencies.
At the beginning of the week, Powell wrote in a letter to the legislature, that the United States will consider the introduction of a digital currency, which would be on retail, as well as on the company level available.
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The Federal Reserve confirmed interest to US-digital currency
The letter to the following donors to the demands of the law and the crypto-insiders, the US may consider the introduction of a digital currency, as China and other Nations to expand your advantage.
As stated in the letter for this purpose:
“Although we are developing currently no digital currency to the Central Bank, we have examined the costs and Benefits of such an Initiative in the United States and analyze you continue carefully.”
In October, Rep. French Hill (R-AR) and Rep. Bill Foster (D-IL) called on the Federal Reserve to consider the introduction of a national digital currency, since the use of “could match increasingly in the future, with the paper money”. Also, you mentioned that the United States “should consider any private companies for the development of digital currencies”.
In the meantime, Libra, Facebook has a lot to denounced the digital currency, plenty of attention from US-American law will get donors.
Not satisfied with second place give
In addition to the US-the legislators themselves, many within the cryptographic Community called for the United States to speed up their regulatory pace and to develop their own digital currency, similar to Bitcoin. It is feared that the United States would be left behind by China, if you do not act quickly and decisively in this matter.
It seems that China in the industry in terms of development, Innovation and implementation leader and has already submitted thousands of relevant patents. The state authorities support the development of the Blockchain technology and the associated markets as well.
The promises, although Good for the room in General, but some fear that China’s projection could also bring some disadvantages with itself.