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.
Speaking recently at a virtual seminar hosted by Bloomberg, the President of the Dallas Federal Reserve reportedly said,
“It is critical that the Fed focuses on developing a digital currency in the coming months and years.
“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.
- 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.
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.”
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