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Federal Reserve will issue report on US digital currency – The Australian Financial Review
Chairman Jerome Powell said he wants the US central bank to play “a leading role” in the development of international standards.
Critics of the current system say it locks out many low-income people and charges them fees for basic services that people with high account balances dont suffer.
Digital currency accounts held by individuals could serve as a form of competition. Still, the banking system offers high protection for depositors, including insurance, that a less regulated system may not offer.
Our key focus is on whether and how a CBDC could improve on an already safe, effective, dynamic, and efficient US domestic…
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