US Federal Reserve (FED) President Jerome Powell said they are evaluating the idea of digital dollars.
Digital Dollar Studies
Today, countries such as the UK, Canada, Sweden are doing extensive studies on digital central bank money. Also, countries like China have already started to develop their own digital money.
US Central Bank Powell touched upon this in his statements to Congress. Powell said that they closely follow the developments in the world and investigate this issue as FED. Stating that the use of cash in Northern European countries such as Sweden is decreasing gradually, Powell emphasized that it is not right to keep these countries with the USA in this context.
According to Powell’s comments, the FED does not need to rush about digital money for now. However, the FED is still carrying out a very “intense study” about digital money. In a statement on the subject, Powell said that they should understand exactly what advantages such digital currencies will provide.
Referring especially to the digital money project of social media giant Facebook named Libra, Powell said that they closely follow this project. So much so that Facebook became one of the reasons for speeding up the digital money works of FED, according to his statements.
According to the information conveyed by U.Today, FED does not have a concrete step for the digital dollar project for now. FED wants to know more about this before developing its own digital currency.