February 20, 2024

US Federal Reserve Hurries FedCoin Issue

US Federal Reserve Hurries FedCoin Issue

Hoping to restore its monopoly on global trade, the U.S. Federal Reserve is consideringthe ability to launch your own digital currency.

According to Politico, a slew of U.S. policymakers are trying to speed up the process of developing a central bank digital currency, also known as FedCoin. 

According to the head of the Federal Reserve BankPhiladelphia Patrick Harker, the emergence of such a currency is inevitable, and soon central banks around the world will begin to consider the possibility of launching their own tokens.

Also this month, members of the Committee onThe House of Representatives wrote a letter to Federal Reserve Chairman Jerome Powell, who had previously been extremely negative about the Libra project, asking him to weigh all the benefits and risks of launching a digital US dollar. In addition, in their letter, they ask Powell to assess the efforts of large private organizations such as Facebook to take control of the global monetary system.

Recall that recently the Libra cryptocurrency project immediately left 5 main participants, including Visa, MasterCard and PayPal.

Based on materialsbitcoinwarrior.net