Bitcoin
$ 49,184
Ethereum
$ 1,559.0
Litecoin
$ 175.03
okex ads

US central banker urges digital dollar development

Resident of the Dallas Federal Reserve Robert Kaplan believes the US central bank should begin work on a digital currency immediately, a clear indicator that some policymakers view this as an urgent matter.

Speaking Tuesday at a virtual conference hosted by Bloomberg, Kaplan reportedly said:

“It is critical that the Fed focuses on developing a digital currency in the coming months and years.”
The central banker’s remarks were part of a broader discussion on the economy and fiscal policy.

Kaplan is a member of this year’s Federal Open Market Committee (FOMC), the organization tasked with setting monetary policy. The 2020 Committee slashed interest rates to record lows in March as part of a synchronized policy response to Covid-19. Kaplan and the rest of the FOMC have been instrumental in flooding the market with liquidity since Sept 2019, when irregularities in the overnight repo market caused short-term interest rates to spike.

Blockchain technology is certainly on policymakers’ radar. Last month, Fed Chairman Jerome Powell said that 80% of central banks around the world are exploring the potential utility of a CBDC. While the Fed has given no indication of whether it will pursue a digital dollar, it has deployed economists to explore the subject in greater detail.

On Monday, the Fed released a literature review of central bank digital currencies, or CBDCs, to explore the impact of a digital dollar on commercial banking and monetary policy. The review concluded by recommending additional research be devoted to exploring the “intrinsic” value drivers of a government digital currency

Related Posts

Leave a Reply

Newsletter

Subscribe To Newsletter

For updates and exclusive offers, enter your e-mail below.

Popular Posts

How AI And Blockchain Can Augment Human Ability To Innovate
March 1, 2021By
Canada’s Ninepoint Launches Bitcoin Fund Following $180M IPO
March 1, 2021By
India’s Reserve Bank concerned digital currencies will impact financial stability
March 1, 2021By

Advertisement

Video Posts

In
How AI And Blockchain Can Augment Human Ability To Innovate
March 1, 20210
In
The State Of Bitcoin And Alt Coins
February 27, 20210

Crypto Stats


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin49,184 1.61 % 13.38 % 14.71 %
Ethereum1,559.0 1.35 % 19.48 % 19.70 %
Cardano1.270 0.03 % 6.24 % 15.35 %
Binance Coin258.27 2.27 % 29.82 % 12.63 %
Tether1.010 0.64 % 0.46 % 0.32 %
Polkadot35.52 1.48 % 17.10 % 10.57 %
XRP0.4395 1.11 % 9.12 % 20.23 %
Litecoin175.03 1.05 % 12.86 % 23.21 %
Chainlink27.25 0.97 % 17.50 % 20.43 %
Stellar0.4240 0.92 % 9.48 % 15.07 %