The Fed May Create a US Digital Currency

Written by:
Aaron Goldstein
Published on:

The central bank just released a 40-page study on the benefits and risks of a central bank digital currency (CBDC).  The agency avoided taking any type of stance on the matter.

The delayed report outlined the pros and cons of having a CBDC and looked to foster conversation by providing 22 questions posed to the public.

“The introduction of a CBDC would represent a highly significant innovation in American money,” the authors said in the report. “This paper is the first step in a public discussion between the Federal Reserve and stakeholders about CBDC.”

There have been calls by some to create a dollar-linked stablecoin connecting fiat currency with digital transactions.

The Fed report notes that the creation of a CBDC will seek to complement current financial systems, not replace them.

Digital currencies like Bitcoin now account for more than 70% of all transactions within restricted online gambling markets.

- Aaron Goldstein,

Business/Financial News

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