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Home Markets Cryptos

U.S Central Bank plans Crypto U.S dollar

Olumide Adesina by Olumide Adesina
November 11, 2020
in Cryptos
U.S Central Bank plans Crypto U.S dollar
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President of the Dallas Federal Reserve, Robert Kaplan, hinted that it was time for the US Federal Reserve to begin work on a crypto dollar immediately. This is a clear sign that some policymakers view this as an urgent case that needed to be promptly attended to.

READ: Central banks digital currencies pose a threat against the U.S dollar

Speaking recently at a virtual seminar hosted by Bloomberg, the President of the Dallas Federal Reserve reportedly said,

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“It is critical that the Fed focuses on developing a digital currency in the coming months and years.

READ: Gold prices drop lower, Gold traders await U.S. Federal Reserve

“The world’s largest economy is finally considering the use of digital dollars, following slow COVID-19 stimulus payments to its citizens. The U.S Congress recently heard testimonies on the usage of digital dollars to facilitate the U.S’ legacy financial infrastructure.

“America’s Congressional Fintech Task Force examined Federation Accounts and the use of digital dollars in expanding financial reach in the United States,” said Kaplan.

READ: FEC approves N87billion for construction of roads

  • The U.S government is presently considering a framework in creating a U.S. central bank digital currency, which would be mined through the blockchain protocol, transferred between users, and recorded in a public ledger.
  • The digital dollars would be stored in a distributed database via the internet, on an electronic computer database, within a stored-value card or virtual files.

READ: EFCC re-arraigns ex-NIMASA DG over alleged N156.4 million money laundering

What you should know

Former CFTC Chairman and Co-founder of the Digital Dollar Project, J. Christopher Giancarlo, some months ago spoke about the need for America to upgrade its financial system. He said, “Unless we act, this coming wave of innovation will put enormous strain on our aged financial system.”

Explore Data on the Nairametrics Research Website

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Tags: Business NewsChristopher GiancarlocryptoCryptocurrencyCryptocurrency NewsRobert KaplanU.S. dollar

Comments 1

  1. Paul says:
    November 11, 2020 at 8:00 am

    this is a great idea..

    Reply

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