The Federal Reserve released a highly anticipated report on central bank digital currencies that suggested it is leaning toward having banks and other financial firms, rather than the Fed itself, manage digital accounts for customers.
Federal Reserve Board Chairman Jerome Powell listens during his re-nominations hearing before the Senate Banking, Housing and Urban Affairs Committee, Tuesday, Jan. 11, 2022, on Capitol Hill in Washington.
The Fed’s paper stressed that no final decisions about a digital currency have been reached. But it suggested that a digital currency that “would best serve the needs” of the nation would follow an “intermediated model” under which banks or payment firms would create accounts or digital wallets. The report comes at a time when digital money is proliferating in a variety of forms. Millions of people own cryptocurrencies, though they are often used more as investments than as forms of payment. But so-called stablecoins, which are often pegged to the dollar, have also soared in use in the past year, mostly for cryptocurrency transactions.
“As the world’s principal reserve currency...we have an obligation to be on the cutting edge of understanding the technological challenges,” Powell said then. “But...we don’t need to rush this project. We don’t need to be first to market.” A digital dollar could bring a host of benefits as well as risks. It would be a safer form of digital payment, because the Fed, unlike a bank or the companies issuing stablecoins, can't go bankrupt. It could be easier and less expensive to access for people without bank accounts.
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
Fed: March lift-off is a done deal – ScotiabankAnalysts at Scotiabank cemented a March Fed rate hike in their latest research report. Key quotes “In the United States, we forecast a rate lift-off i
Consulte Mais informação »
Biden tasks Fed with inflation fightPresident Biden says the Federal Reserve has the job of addressing soaring inflation, as he continues to press for trillions more in government spending
Consulte Mais informação »
Orangutans At New Orleans Zoo Fascinated By Bottle-Fed BabyCare staff say the apes at the Audubon Zoo are fascinated when it's time to bottle feed or change the diaper of an endangered Sumatran orangutan infant.
Consulte Mais informação »
Bitcoin sags in 2022 under weight of stock selloff and Fed policyThe Federal Reserve is casting a shadow over cryptocurrencies.
Consulte Mais informação »
NZD/USD: Bears attack monthly support near 0.6750 on pre-Fed caution, coronavirus fearsNZD/USD: Bears attack monthly support near 0.6750 on pre-Fed caution, coronavirus fears By anilpanchal7 NZDUSD RiskAppetite Fed Coronavirus YieldCurve
Consulte Mais informação »
Dollar supported by high yields ahead of Fed meetingThe dollar held firm on Wednesday after the previous day's surge in U.S. yields resulted in sharp gains against the euro and put the greenback above support levels established in recent months amid mounting expectations for U.S. interest rate increases.
Consulte Mais informação »