US Federal Reserve: “Too Early for the Digital Dollar”


Speaking at the Parliamentary Financial Services Meeting on Thursday, US Federal Reserve (FED) Vice President of Audit Randal Quarles stated that the central bank’s stance on the digital dollar is still unclear.

In 2019, FED President Jerome Powell stated that the FED is not actively researching a CBDC. However, after the coranavirus epidemic this year, the US Federal Reserve began to investigate the applicability of the digital dollar, as it was seen how necessary online payment methods were.

Quarles stated that the FED has been looking into CBDC possibilities for a while, but no decision has yet been made.

“It is still difficult to say that we are completely convinced that this system is a solution for the US. We weigh the pros and cons. However, there are some pilot projects, but all of them are still at a very early stage. For now, we have changed our stance and continue to search for the best for the USA. ”

The fact that the FED has changed its mind on crypto currencies is of great importance for the collective crypto money market. As countries issue their own digital currencies, confidence in the collective cryptocurrency market will also increase.

We can say that China is the most determined country for now to issue its own digital money. China, which has been working on “digital yuan” for a long time, is expected to launch its own digital currency in a short time.

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