FED Publishes Digital Currency Report

The US Federal Reserve (FED) has been digital money units He was conducting research on the subject and was preparing a report on the subject. That report has finally been published. The FED’s digital currency report, on the one hand, contains very important details about the digital version of the dollar. The Fed has made a clear statement against digital currencies in the report. position not taken expressed. However, some points in the report reveal the reservations of the FED.

According to the report prepared by the FED, the digital dollar, especially It will benefit the Americans. Because, thanks to this system, both the costs will decrease and the speed of the transactions will increase. Moreover, people who do not want to open a bank account can be included in this system. However, this does not mean that a transition to the digital dollar is necessary. According to the Fed, the digital dollar privacy concerns can give birth.

The financial system can fundamentally change

The most important detail in the report prepared by the FED is about the traditional financial system. According to the US Central Bank, the transition to the digital dollar, fundamentally change the financial system. Moreover, with the transition to the digital dollar, there may be problems in financial stability. US monetary authority to produce a digital version of the dollar without formal approval from Congress can’t act it states. However, according to the FED, not taking action on digital currencies is also not a good thing. Because the US’s delay in digital currency may damage the US’s position in the global markets.

Chairman of the US Federal Reserve Jerome powellmade some statements on the subject. Powell, “As a central bank, we look forward to engaging with the public, elected representatives and a wide range of stakeholders as we examine the pros and cons of digital currency.Using the expressions “, the work to be done by the majority He stated that he needed support.