• Home
  • Login
  • Register
Currency Insider
  • Home
  • Reading Library
  • CBDC Think Tank
SUBSCRIBE
No Result
View All Result
Currency Insider
  • Home
  • Reading Library
  • CBDC Think Tank
Currency Insider
No Result
View All Result

Jerome Powell: CBDC Could Improve U.S. Payment System

by CBDC Insider
October 30, 2020
in Business, US
Reading Time: 1min read
0
Jerome Powell: CBDC Could Improve U.S. Payment System

FILE - In this July 31, 2019, file photo Federal Reserve Chairman Jerome Powell speaks during a news conference following a two-day Federal Open Market Committee meeting in Washington. Powell is scheduled to speak at the annual Fed conference in Jackson Hole, Wyo., on Friday, Aug. 23. (AP Photo/Manuel Balce Ceneta, File)

Share on FacebookShare on Twitter

Federal Reserve Chairman Jerome Powell has stated that a central bank digital currency (CBDC) could improve the current payment system in the United States but that there also potential pitfalls to address as well.

Jerome Powell made this assertion during the International Monetary Fund (IMF) panel discussion on cross-border payments. According to him, the Federal Reserve’s interest has been drawn towards digital currency because of the potential to improve the U.S. payment system, stating, “it is this area that motivates our interest.”

The U.S. Federal Reserve chairman also noted that a CBDC could upgrade the country’s payment infrastructure, reach people who have historically been underserved by banks and lending institutions, and potentially enable cheaper and faster payment transactions.

RELATED STORIES

Russia’s Gazprombank Recommends Slow CBDC Rollout Fearing Loss of Income

Russia’s Gazprombank Recommends Slow CBDC Rollout Fearing Loss of Income

February 8, 2023
E-Rupee to be Piloted by 5 More Banks in 9 More Cities Soon

E-Rupee to be Piloted by 5 More Banks in 9 More Cities Soon

February 8, 2023

He further noted that the Fed was open to partnering with private firms on improving the current payments system and CBDCs. He did emphasize that the Fed has currently not set any plan in motion towards launching one as “there’s a great deal of work yet to be done as well as extensive public consultation to be had with all stakeholders before making such a decision.”

Read more: https://www.altcoinbuzz.io/cryptocurrency-news/jerome-powell-cbdc-could-improve-u-s-payment-system/

Previous Post

Bank of Canada Working With G7 on Its CBDC

Next Post

Hong Kong Is Still an Irreplaceable Financial Gateway for China

Next Post
Hong Kong Is Still an Irreplaceable Financial Gateway for China

Hong Kong Is Still an Irreplaceable Financial Gateway for China

© 2022 CBDC Insider

No Result
View All Result
  • Home
  • Map
  • Reading Library
  • CBDC Think Tank
  • Partners
    • DEA
  • Login
  • Register