The US Fed is about to launch its digital currency. The regulator has already entered the final stage of solving the issue. The US is doing its best to keep up with China that is already introducing digital currencies in four local banks.
Washington is completely ready to create its own digital currency. At the moment, the US economists are assessing potential benefits and risks. US Deputy Secretary of the Treasury Justin Muzinich and Federal Reserve Chairman Jerome Powell have shared their opinions on the issue. According to Powell, the main problem is “to protect a CBDC from cyber-attacks, counterfeiting and fraud” as well as to predict “how a CBDC would affect monetary policy and financial stability”. Nevertheless, the US together with other countries is already going through the global process of the digitization of national currencies.
“We're absolutely committed to the soundness of the dollar into safe and efficient US dollar payment systems. Use of and trust in the dollar comes from the reliable rule of law, strong and transparent institutions, deep financial markets and an open capital account,” Jerome Powell said, emphasizing the difficulty in making a decision on issuing a digital currency.
