Central-bank digital currencies are all the range with government bodies this year. Many central banks all over the world are looking into the asset class more and more each day with several countries in the development stage of their own project.
Brian Brooks, the acting comptroller of the currency in the United States says that the US needs to focus more on the private sector when it comes to this.
He said, “We have built private stablecoins in this country that already have a market cap in the tens of billions of dollars.”
Brooks said this in a United States house committee on financial services earlier this month on the 12th of November. He went on to add that this is an industry that is growing very quickly as he went on to say:
“I don’t think in this country we need to wait to build a command and control government solution. I think the private sector is on it, and I think the role of the regulators on this panel is to provide a framework to make sure there aren’t bank runs or other problems that consumers would be affected by.”
As more and more people pay attention to the crypto space, the race to release a central-bank digital currency will become more and more prevalent.
China seems to be the first country to release a central-bank digital currency known as the digital yuan.