US Fed says central bank digital dollar could offer benefits | Malay Mail

21/1/2022 1:49:00 AM

US Fed says central bank digital dollar could offer benefits | Malay Mail

Us Federal Reserve, Us Digital Currency

US Fed says central bank digital dollar could offer benefits | Malay Mail

WASHINGTON, Jan 21 — An official US digital currency could offer potential benefits to American consumers and businesses, but it is not clear they would outweigh the potential risks, the Federal Reserve said Thursday. In a long-awaited report on central bank digital currencies (CBDC), the Fed...

channel for the latest updates.WASHINGTON, Jan 21 — An official US digital currency could offer potential benefits to American consumers and businesses, but it is not clear they would outweigh the potential risks, the Federal Reserve said Thursday.In a long-awaited report on central bank digital currencies (CBDC), the Fed stressed that it is not taking a position nor does the paper signal “any imminent decisions about the appropriateness of issuing a US CBDC.”

The global rise of cryptocurrencies like bitcoin as well as the growing use of digital payments has fostered interest in an official digital money, and major central banks around the world are exploring the possibility, while Nigeria in October launched its own virtual money.

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WASHINGTON, Jan 21 — An official US digital currency could offer potential benefits to American consumers and businesses, but it is not clear they would outweigh the potential risks, the Federal Reserve said Thursday. In a long-awaited report on central bank digital currencies (CBDC), the Fed stressed that it is not taking a position nor does the paper signal “any imminent decisions about the appropriateness of issuing a US CBDC. Lawmakers are scheduled to hold a procedural vote at about 6:30 p.” The global rise of cryptocurrencies like bitcoin as well as the growing use of digital payments has fostered interest in an official digital money, and major central banks around the world are exploring the possibility, while Nigeria in October launched its own virtual money. “I am profoundly disappointed that the Senate has failed to stand up for our democracy. While existing cryptocurrencies can be subject to theft and used for illicit purposes, the Fed said a US digital currency, depending on how it is designed, “could provide households and businesses a convenient, electronic form of central bank money, with the safety and liquidity that would entail. EST (2330 GMT), which will require a supermajority of 60 votes in the 100-seat chamber to advance the voting rights legislation toward final passage.” However, a CBDC could also pose risks and raise questions about how it might affect banks and availability of credit as well as the “stability of the financial system, and the efficacy of monetary policy.” The US economy saw consumer prices spike to a multi-decade high of seven percent last year as a surge in demand from consumers and businesses ran up against shortages of labour and crucial supplies like semiconductors as well as global shipping delays.

” The Fed said the paper is just “the first step in a public discussion. All this will play out after Biden holds his first news conference in months.” Democrats and voting rights activists have championed the measures as a necessary response to Republican efforts to restrict voting, especially among Black and Latino Americans... Republicans dismiss the bill as a partisan power grab. about the potential benefits and risks of a US CBDC,” and has asked for response to a questionnaire by May 20. It’s 2022, and they’re blatantly removing more polling places from the counties where Blacks and Latinos are overrepresented,” New Jersey Democrat Cory Booker said on the floor of the Senate. “We look forward to engaging with the public, elected representatives and a broad range of stakeholders as we examine the positives and negatives of a central bank digital currency in the United States,” Federal Reserve Chair Jerome Powell said in a statement. 2 Senate Democrat Dick Durbin told reporters late on Tuesday: “I know what it looks like today and I’m praying that something else will happen tomorrow..

However, the report said the Fed “will only take further steps toward developing a CBDC if research points to benefits for households, businesses, and the economy overall that exceed the downside risks, and indicates that CBDC is superior to alternative methods.” The Fed likely would need authority from Congress to issue a digital dollar. Meanwhile, Democratic Senators Joe Manchin and Kyrsten Sinema, and possibly others, are expected to block their party’s effort to change the Senate’s filibuster rule to make it easier to pass partisan bills.” Conservative states spent the last year leveraging ex-president Donald Trump’s false claims of widespread election fraud to introduce a slate of regulations that make voting more difficult. — AFP You May Also Like .