Sun. May 29th, 2022

Don’t expect the US Federal Reserve Issue a digital dollar Any time soon. CNBC Report There are reserves Published A long-term study of the central bank’s cryptocurrency, but did not take a position on whether the technology should be followed. The paper instead explored the potential advantages and disadvantages of digital currency and asked for public comment.

The Fed has warned that the existing cryptocurrency continues to be Extremely volatile, Swallowed Lots of energy And often there are significant transaction limitations. A central bank-backed format could overcome some of those problems, the Reserve said, acting as a “bridge” between payment services, adding more money and providing “secure and reliable” payments. The Reserve further believes that digital money can improve cross-border payments and protect the role of the US dollar on the world stage.

However, the government has further warned that official digital cash must account for possible changes in the financial world, such as encouraging more runs in financial institutions. It needs to be confidential, protected from fraud and resilient. The reserve introduces the possibility of offline capabilities to enable transactions when Internet access is not available, such as natural disasters.

The agency stressed that its report was a “first step” in discussing the possibility of a central bank cryptocurrency and that it would give the public until May 20, 2022, to offer it. Feedback And answer the question. For now, however, reserves will remain neutral and will only work in a digital currency if long-term research supports the concept. This is resisting the pressure to act fast, even in other countries Already moving forward.

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