Bank of Canada Lists Job Looking for Economist to Research Canadian CBDC

Federal Reserve Evaluating Benefits of Digital Currency

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While speaking on an International Monetary Fund panel, Federal Reserve chairman Jerome Powell revealed the news.

Powell elaborated that "getting it right" means that the U.S.is not only looking at the potential benefits of a CBDC, but also the potential risks - particularly given the fact that the USA dollar is the world's reserve currency.

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China, which has been leading the charge when it comes to implementing a national virtual currency or central bank digital currency (CBDC), has publicly confirmed that it plans to become the first nation to challenge the global dominance of the United States dollar.

As reported by U.Today, Powell told Congress about exploring the possibility of issuing a digital currency back in November 2019. "Moreover, we have robust and mature financial and banking sectors, and we have a highly banked population so that many - although not all - already have access to the electronic payments system".

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The US Federal Reserve is still interested in creating a Central Bank Digital Currency (CBDC) but is yet to make a final decision on when and how the project will be undertaken.

Powell added that while the USA has an obligation to "stay on the forefront" of innovations like central bank digital currency, the Fed also has a responsibility to thoroughly analyze the costs and benefits of a digital dollar. "Given the dollar's important role globally, it's essential that we remain on the frontier of research and policy development". Powell said, "We will have lots of conversations with industry and stakeholder engagement, and that'll help us in our work on digital currencies and cross-border payments". "Just to mention a few, I would mention the need to protect a CBDC from cyber attacks, counterfeiting and fraud, the question of how a CBDC would affect monetary policy and financial stability, and also how could a CBDC prevent illicit activity while also preserving user privacy and security". The world's largest central banks, and even some of the smaller ones, are toying with the idea of issuing digital currencies.

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Libra did highlight the need to revamp cross-border payments, Powell said, and did focus more attention on payments issues.

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