US Fed Working Towards Developing a Native Digital Currency

Azeez Mustapha

Updated:

Unlock Daily Forex Signals

Select a Plan

£39

1 - month
Subscription

Select

£89

3 - month
Subscription

Select

£129

6 - month
Subscription

Select

£399

Lifetime
Subscription

Select

£50

Separate Swing Trading Group

Select

Or

Get VIP forex signals, VIP crypto signals, swing signals, and forex course free for lifetime.

Just open an account with one our affiliate broker and make a minimum deposit: 250 USD.

Email [email protected] with a screenshot of funds on account to get access!

Sponsored by

Sponsored Sponsored
Checkmark

Service for copy trading. Our Algo automatically opens and closes trades.

Checkmark

The L2T Algo provides highly profitable signals with minimal risk.

Checkmark

24/7 cryptocurrency trading. While you sleep, we trade.

Checkmark

10 minute setup with substantial advantages. The manual is provided with the purchase.

Checkmark

79% Success rate. Our outcomes will excite you.

Checkmark

Up to 70 trades per month. There are more than 5 pairs available.

Checkmark

Monthly subscriptions begin at £58.

A member of the US Fed’s board of governors has indicated that the establishment has adopted a more accommodating stance towards central bank digital currencies unlike in the past.

Lael Brainard, who is the chair for numerous Fed committees, made this statement at a symposium hosted at the Stanford Graduate School of Business on the 5th of February.

In her lecture, she indicated that the establishment was carrying out different research and exploration relating to DLTs and their potential benefits in a CBDC.

The Increased Need For a USD-Based CBDC
Brainard made references to a new review by the Bank of International Settlements which revealed that as of this month, 80% of all central banks in the world were involved, in one way or the other, with some kind of CBDC project.

Considering the status of the USD in the global front, Brainard asserted that it only made sense for the Fed to be at the forefront in research and developments relating to CBDC.

She also explained that digital currency innovations were growing rapidly, citing Facebook’s Stablecoin project Libra and China’s imminent digital yuan as examples emerging from both the private and public industries.

Brainard described CBDC as a future entity that will serve as a determining factor in the sustenance of a currency’s sovereignty and will also be an anchor to nations’ payment systems.

While she did well to avoid the explicit extrapolation of this assertion to a global scale in the case of the USD (whose influence goes beyond just the US), Brainard highlighted the possible effects of new private and public projects. She added that the effects of these innovations could be regarded as a digital version of the “dollarization.”

Ironically, about a year and a half ago, Brainard was recorded saying that there was no apparent need for a Fed-issued digital currency at a conference in San Francisco.

A Quick Alternative to a CBDC
Innovations like Libra have caused many to urge the Fed to hasten the release of its proposed real-time payments service, “FedNow.”

While it is not a full-blown CBDC, it is developed to provide a more flexible payment solution for individuals and businesses looking to execute time-sensitive transactions outside traditional banking hours.

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Share with other traders!

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

Leave a Reply

Your email address will not be published. Required fields are marked *