The former president of the Federal Reserve Bank of Boston, Eric Rosengren mentioned in a recent interview that he is quite fond of the idea of a digital dollar. He is of the opinion that the United States would benefit substantially from using such a tool, and he is convinced it will not get in the way of Bitcoin towards repute.
Rosengren mentioned that the Boston Fed and MIT are making “very good progress” towards creating digital bank notes that Americans can use in the same way they would cash. He says that one of the key benefits of such a tool is that transactions will be exceptionally prompt.
“The Fed has stated that it will be releasing a report detailing the asset in the next few weeks.”
Rosengren further stated,
“I think it’s really important that we move the technology along so that whenever that policy discussion is done, we have the capability to launch, but until the policy discussion has been fully developed, I think it’s going to be very difficult to predict when or if [central bank] digital currency will come to the U.S.”
Notably, the notes would work as a CBDC. Presently, there are no particular laws in place regarding such assets as this is the first time the United States would ever issue such a product. Nonetheless, he did comment that the notes would operate in a manner similar to stable coins, in which they are backed by standard fiat to make sure holders do not encounter value losses.
The Future is Now Media Group have launched a YouTube show called The Future is Now Digest, hosted by Miguel Francis-Santiago. Together […]
April 30, 2020
PRESS RELEASE — 10,000 participants are expected to join CHAIN2020 in Hong Kong on January 15, which aims to become one of […]
December 27, 2019
The developers of the Dogecoin project have released a new update for the core software, which improves security, efficiency and user interface. […]
July 25, 2022
Tesla has converted around seventy five percent of its BTC into fiat currency. The digital asset sales left the electric car company […]
July 25, 2022