The United States Federal Reserve is showing more signs that it is moving forward with efforts to establish its own official digital currency.<\/p>\n\n\n\n
The Fed announced on Thursday that it plans to publish a research paper in the summer that explores the prospects of issuing a digital currency, CNBC reported.<\/p>\n\n\n\n
\u201cThe effective functioning of our economy requires that people have faith and confidence not only in the dollar, but also in the payment networks, banks, and other payment service providers that allow money to flow on a daily basis,\u201d the Fed Chair, Jerome Powell, said.<\/p>\n\n\n\n
According to the Chairman, the Fed is carefully monitoring and adapting to the developments in the digital currencies and payments domain.<\/p>\n\n\n\n
\u201cOur focus is on ensuring a safe and efficient payment system that provides broad benefits to American households and businesses while also embracing innovation,\u201d Powell added, commenting on the announcement.<\/p>\n\n\n\n
\u201cTechnological advances also offer new possibilities to central banks, including the Fed,\u201d he noted.<\/p>\n\n\n\n
\u201cWhile various structures and technologies might be used, a CBDC could be designed for use by the general public.\u201d<\/p>\n\n\n\n
Powell also revealed that the Fed is committed to hearing a wide range of voices on this important issue before making any decision on whether and how to move forward, \u201ctaking account of the broader risks and opportunities it could offer. The paper represents the beginning of what will be a thoughtful and deliberative process.\u201d<\/p>\n\n\n\n
Last October, Powell said that it is more important to get it right than to be first, when discussing issuing a digital currency by the central bank, explaining getting it right by not only looking at the potential benefits of a digital currency, but also the potential risks.<\/p>\n\n\n\n
Then in February, he went on to tell the House of Representatives that the Fed might need congressional approval before issuing a digital Dollar.<\/p>\n","protected":false},"excerpt":{"rendered":"
The United States Federal Reserve is showing more signs that it is moving forward with efforts to establish its own official digital currency. The Fed announced on Thursday that it plans to publish a research paper in the summer that explores the prospects of issuing a digital currency, CNBC reported. \u201cThe effective functioning of our …<\/p>\n","protected":false},"author":10,"featured_media":31392,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[6827,49],"tags":[6867],"class_list":["post-45940","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-daily-economic-reports","category-economic-reports","tag-federal-reserve"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/45940","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=45940"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/45940\/revisions"}],"predecessor-version":[{"id":45941,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/45940\/revisions\/45941"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/31392"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=45940"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=45940"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=45940"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}