US Treasury Secretary Christopher Waller is skeptical about adopting a digital version of the dollar. There is currently no credible reason to develop such a cryptocurrency, the central bank board member said Thursday. “The arguments for an introduction are not convincing to me and many others,” Waller said at an event in Brisbane, Australia.
The Fed leadership is divided over the need for a central bank digital currency: Fed Vice Chair Lael Brainard is in the pro camp. However, the Fed does not want to start such a project without a green light from politicians. Waller said an official cryptocurrency should be decided in Congress.
US Federal Reserve Chairman Jerome Powell had already indicated that a central bank digital currency (CBDC) might make more sense than a spectrum of many private initiatives for freely-traded cryptocurrencies and stable coins, where the course of the cyber-currency is pegged to the dollar, for example, would be alternative.
US President Joe Biden has issued a decree that requires the government to assess the risks and opportunities of digital money created by the central bank.
Digital euro should strengthen strategic autonomy
In Europe, on the other hand, the coin guards are already further along. Just a few days ago, the President of the European Central Bank (ECB), Christine Lagarde, made a positive statement about the digital euro project. Such a digital currency could strengthen Europe’s strategic autonomy.
In the autumn of 2021, the ECB started a two-year research phase to determine the core properties of a digital euro. The plans provide that the ECB will then make a final decision in October 2023 whether it wants to give the green light for a digital euro.
Source: Krone
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
