Sirlibz
Jerome Powell, the Federal Reserve Chairman before the House Finance Services Committee stated the idea of a digital dollar, this will be a blockchain-based version of the dollar. Powell stated that he believed that private entities should not have a role in designing the digital dollar, he also added that the general public may not be receptive to the idea of private employees being responsible for the money because they’re not accountable to “the public good”
“I do think this is something that the central banks have to design, the private sector is not involved is not involved in creating the money supply, that’s something the Central Bank does” he said.
Powell also said that the idea is being looked into, some group of Central Banks have come together to discuss and get to understand the idea very well and see how it will affect the economy and dollar, even cybersecurity.
“if this is something that is going to be good for the United States economy and for the world’s reserve currency, which is the dollar, then we need to be there and we need to understand it first and best. So we’re working hard on it. – Jerome said
“It’s our obligation to understand it well and not wake up one day and realize that the dollar is no longer the world reserve currency because we just missed a technological change. So we’re not going to let that happen but at the same time there’s some very serious questions that have to be answered before we would want to implement a central bank digital currency.”
When speaking on how the Feds planned or were concerned on its ability to control the digital version of the dollar, Powell said “It’s a very difficult problem”
