United states federal reserve chairman, Jerome Powell gave a statement which indicated that the US government is not much concerned with speedily follow up with the current digitalization trends of the world i.e development of central bank digital currency (CBDC).
He said on his Youtube show lunch money: “They’re talking about, like, maybe we’ll build one in the next couple of years. This is not a next-couple-of-years thing, this is a right-now thing, and if they don’t act, the U.S. is going to fall really far behind China because it all comes down to accessibility.”
China is already in a progressive phase and the testing of digital Yuan has begun over there whereas the US is still in the talking process of how things needs to be done to bring in digital dollar.
Powell added: “We have not made a decision to issue a CBDC, and we think there’s a great deal of work yet to be done,” US will have to make sure of all the risk factor that might come along the process as US dollar is a global reserve currency right now.
