US legislators recommend Fed to develop digital US dollar

Posted 03 October, 2019

US congressmen excited about cryptocurrency's growing popularity. They believe that the US dollar runs the risk of being left behind as digitalization spans the world, while governments are striving to modernize their money systems and reinvent ways to transfer, distribute and create money. 

Members of the US House of Representatives French Hill and Bill Foster sent an appeal to Fed Chairman Jerome Powell, which outlined the problem. 

“We are concerned that the primacy of the U.S. Dollar could be in long-term jeopardy from wide adoption of digital fiat currencies. Internationally, the Bank for International Settlements conducted a study that found that over 40 countries around the world have currently developed or are looking into developing a digital currency,” the Congressmen wrote.

Hill and Foster recalled that Sweden is working on an electronic crown, Uruguay has completed a pilot project for a digital version of the national peso currency, and the People’s Bank of China may launch a renminbi-based CBDC later this year.

According to lawmakers, the use of cryptocurrencies will increasingly coincide with the functions of traditional money in the future. Although at the moment they are used for speculative purposes. 

The concern of the United States that it may lose primacy in this matter is not unfounded. The People's Bank of China (PBoC) spoke of the need to accelerate research and development in the area of ​​"legal digital currency."

Previous story

04 October, 2019 11:24

← US dollar weaker, US labour market figures in spotlight

The US dollar decreased vs the majors at the Friday Asian trading session. The American currency has been on the downward track for the fourth day in a row. According to the market data, the euro-to-US dollar exchange rate was at $1.0977, while the previous session was closed near $1.0965.

US dollar weaker, US labour market figures in spotlight

Next story

03 October, 2019 13:38

Telegram confirms TON launch date →

The Telegram Open Network blockchain platform will be launched before the end of October, the project developers said in a letter to investors.

Telegram confirms TON launch date
Write a comment
Prove you’re not a bot + 7 = 16