At least three Federal Reserve governors have said that they do not see a reason for the Fed to issue a central bank digital currency (CBDC). The Fed is currently putting together a report on a digital dollar to be released in the near future. Fed Governors Doubt Need for Digital Dollar Federal Reserve Governor…
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At a November 2020 virtual conference, Rob Kaplan said “it is critical that the Fed focuses on developing a digital currency in the coming months and years.” Rob Kaplan, the president and chief executive officer of the Federal Reserve Bank of Dallas will step down from his position after more than six years. In a…
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Federal Reserve Chairman Jerome Powell has shared the progress of the Fed’s work on a central bank digital currency (CBDC), the digital dollar. “We are working proactively to evaluate whether to issue a CBDC and, if so, in what form,” he said, adding that he does not believe the U.S. has fallen behind other countries…
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Five pilot programs will gather data on a digital dollar in the United States over the next 12 months. Fortune 500 company Accenture has teamed up with Digital Dollar Foundation to conduct Central Bank Digital Currency, or CBDC, trials in the United States. Announced on Monday, May 3, the newly formed Digital Dollar Project will…
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Former OCC acting comptroller Brian Brooks claimed that cryptocurrencies like Bitcoin “actually are backed by something.” Brian Brooks, former acting comptroller of the currency of the United States Office of the Comptroller of the Currency, has claimed that cryptocurrencies like Bitcoin (BTC) have some backing, while the U.S. dollar may not have any. Brooks gave…
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Jerome Powell added that the Federal Reserve needs to consider the health of other markets when creating a digital currency. Federal Reserve hair Jerome Powell said 2021 will likely have the central bank engaging with the public and lawmakers regarding the digital dollar. In a House Financial Services Committee hearing today, Powell responded to questions…
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She still questioned how regulators would “manage money laundering and illicit finance issues” with digital currencies. Janet Yellen may be open to having United States regulators consider a digital currency, but she still seems to have strong concerns about Bitcoin (BTC). In an interview for The New York Times’ DealBook DC Policy Project held on…
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The United States Federal Reserve needs its own digital currency to protect against a possible overnight proliferation of stablecoin technology, says Fed chairman Jerome Powell. Cryptocurrency stablecoins could become systemically important overnight, says United States Federal Reserve Chairman Jerome Powell, and that’s why the Fed is determined to get its own central bank digital currency…
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U.S. citizens appear to be opposed to a digital dollar despite expressing concerns over the existing financial system. A new study by crypto mining firm Genesis Mining suggests the majority of U.S. citizens are against the introduction of a Central Bank Digital Currency. A survey conducted by Genesis mining discovered that out of the 400…
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The leaders in this week’s policy news focus on some case studies in power accumulation that more than anything show why decentralization tech matters. Every Friday, Law Decoded delivers analysis on the week’s critical stories in the realms of policy, regulation and law. Editor’s note The concept of monopoly will reign in today’s Law Decoded.…
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