The worldwide blockchain industry worldwide is seeing enough significant attention, for pretty much anyone to assume that things are looking good. There are many corporate bodies and government agencies alike all over the world, that are looking to implement some form of blockchain solution or another, as the several advantages of distributed ledger technology (DLT) are inevitable. The most used case for blockchain technology is cryptocurrency and has gained so much popularity that several countries are looking to create their own central bank digital currencies (CBDC).
While U.S. President Donald Trump has specifically tweeted about how he’s “not a fan of Bitcoin and other Cryptocurrencies” because they are “not money” the U.S. Federal Reserve has a different opinion about cryptocurrencies and is actively looking into issuing its own CBDC.
A while ago, two members of the U.S. House of Representatives Bill Foster and French Hill, wrote a later to Chairman Jerome Powell of the federal reserve about crypto. Powell’s response showed that the Fed is currently considering whether or not this is a good idea and could possibly decide to go ahead.
China is likely to be the first country to issue its own CBDC as the government has said that it is ready to do so, but hasn’t given a date yet. Facebook’s Libra is also putting the U.S. government on edge as they don’t want to relinquish that much power to either China or Facebook. Other Fed Reserve execs have also said the agency is open to the possibility. As long as nothing changes, there might be a strong chance America will get a digitized dollar, sometime in the future.
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