At a Congressional hearing this week, U.S. Congressman Bill Foster quizzed the Chair of the Federal Reserve, Jerome Powell, about the speed at which the Federal Reserve is exploring a central bank digital currency (CBDC) or digital dollar. Foster highlighted that even though cash is currently heavily used, the switch to digital payments can happen very rapidly.
Powell said the Fed appreciates the importance of making quick progress and acknowledged that Libra was a wake up call that a widespread alternative currency could happen in a short timeframe. Nonetheless, the Fed has not decided to proceed with a CBDC.
Additionally, Congressman Foster raised concerns that Libra, big tech and the Chinese government can roll out a digital currency rapidly. And China, as previously highlighted by Ledger Insights, could extend the currency to Belt and Road nations.
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