The dollar soon to be exceeded? – Despite the increasingly obvious threats to the hegemony of the US dollar, the United States still seems to be resting on its laurels. Anyway, the chairman of the US Federal Reserve (Fed) is not worried, explaining that a digital dollar is not a priority for the country.
Digital currencies yet full of promise
Jerome Powell , Chairman of the Fed, once again spoke on the hot topic of central bank digital currencies (MNBC).
At a conference on cross-border payments organized by the International Monetary Fund (IMF), the latter initially recognized that a national digital currency could improve the payment system in the United States, and this, „In several ways“ :
“An MNBC could help deliver faster and cheaper transactions (…) it could also help modernize the payment infrastructure and reach consumers traditionally underserved by financial institutions. “
No decision to issue an MNBC at this time
Skipping this benefits presentation is a cold shower for those who are crying out for a digital dollar.
Indeed, in the mind of Jerome Powell , an American MNBC is not for tomorrow:
“I think it’s more important for the United States to do things right than to be the first to do them (…). Getting it right means we are not just looking at the potential benefits of an MNBC, but also the potential risks and important tradeoffs to consider, all of which need to be thought through carefully.“
Thus, until further notice, it has not been decided to issue any digital dollar:
“(…) There is still a lot of work to be done as well as a broad public consultation to be carried out with all stakeholders before making such a decision. “
Even if the president of the Fed recognizes that 80% of central banks in the world are exploring the possibility of issuing their own MNBC – China in the lead with its DC / EP system – he makes it clear that his central bank is not in a hurry on this topic.