The Fed recommends Congress accelerate the development of a digital dollar

by in Cryptocurrency News


The Federal Reserve will recommend to Congress to expedite the Digital Dollar Launch Project (CBDC).

As the head of the Federal Reserve Jerome Powell noted, the modernization of the financial infrastructure of the state requires certain decisions.

However, this issue should not be a priority at this stage. There are more important tasks before the authorities of the country. One of them is a reduction in inflation very soon. But we should not forget about the CBDC project either.

Powell emphasized:

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This is a very important financial innovation [digital dollar] that will affect all Americans. We plan to work both on the political and technological side in the coming years and at some point make a recommendation to Congress.

The Fed is currently looking into the potential of CBDCs. The regulator is trying to find out if the security and performance of the payment system will improve after the introduction of the digital version of the dollar.

Powell has made similar statements before. He also noted that the US would not rush to launch the token so as not to harm the financial sector.