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The executive order aims at developing a digital assets policy plan and organize federal regulators' efforts in this area. The order outlines five main goals, which includes protection of consumers and investors, monetary stability, decreasing financial and national security risks, economic competitiveness, and responsible innovation.
A central bank digital currency would likely be implemented using a database run by the central bank, government, or approved private-sector entities. [13] [14] [15] The database would keep a record (with appropriate privacy and cryptographic protections) of the amount of money held by every entity, such as people and corporations.
Instant payments with FedNow can accomplish many of the improvements for which a central bank digital currency (CBDC) was proposed. [ 15 ] [ 16 ] However, FedNow is not a CBDC, because it is not a liability of the federal government .
A working group will evaluate the potential creation of a digital asset stockpile, possibly from cryptocurrencies seized by the federal government through law enforcement efforts.
Furthermore, during a House Financial Services Committee hearing in March 2023, Fed Chair Jerome Powell said a U.S. digital currency was far from becoming a reality.
The job description said the Fed “seeks a technologist to perform central bank digital currency research and development” and to “ensure the Federal Reserve is well-positioned to design ...
On March 9, 2022, President Joe Biden signed an executive order regarding digital assets, [41] which is the first time a "whole-of-government approach" was utilized to provide protections regarding digital assets for both individual citizens and the United States as a whole. [42]
Following the long-awaited Fed discussion paper about the pros and cons of a potential U.S. central bank digital currency (CBDC) on Jan. 20, Bank of America economic analysts said they anticipate a...