The head of the Federal Reserve announced that the United States is not yet convinced about the supply of national digital currency

The head of the Federal Reserve announced that the United States is not yet convinced about the supply of national digital currency

Gate Trade News Tuesday, October 20, 2020 58 1

Federal Reserve Chairman Jerome Powell said today that the central bank is considering the benefits of the CBDC offering but has not yet made that decision. 

 

He believes that the United States should focus on its proper development instead of trying to supply digital currency (CBDC).

 

In his speech, Powell stated that the United States is accurately and comprehensively assessing the costs and benefits of the CBDC for the US economy and payment system. 

 

Although Powell acknowledged that the currency had the potential to improve the current payment system, he claimed that the Federal Reserve had not made the final decision.