Fed has begun studying the advantages of the digital dollar for payment systems

The regulator explained that CBDC will not replace other forms of money, but will complement them

14.04.2022 - 10:55

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What’s new? The US Federal Reserve (Fed) is considering creating a central bank digital currency (CBDC). The regulator is studying how the digital dollar can improve existing payment systems. The Fed has also published a list of frequently asked questions about CBDC.

Source: Twitter.com

More details about the Fed’s plans. The regulator explained that the digital dollar will not replace other forms of money, but will complement them. According to the Fed, CBDC has the potential to provide ordinary citizens with a secure and liquid form of currency, and for legal entities, it will open a platform to create new financial products and services.

F.A.Q. on the Fed’s digital dollar

The CBDC will also enable Americans to make faster and cheaper cross-border payments. The Fed said that the agency is engaged in a number of “technological research and experimentation” related to digital currencies. Earlier it was reported that the States began developing a prototype to study CBDC. The US Depository Trust and Clearing Corporation (DTCC) is engaged in the project.

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