Countries around the world are researching about CBDC or Central Bank Controlled Cryptocurrency. China is all set to release the digital Yuan and reports indicated the launch of the digital Dollar. But according to the latest statement from the federal reserve chairman, You will have to wait to see Digital Dollar.
According to the Fed chair, there is no need to rush into a CBDC. It is not the time to believe that A digital Dollar is a primary necessity. There is no point in being a pioneer in CBDC without analyzing the risk and potential of such a project.
The United States will not launch a digital Dollar until the risks associated with it such as the threat of hacks, privacy, and price stability are resolved or address. US is looking at ways by which CBDC can enhance the already efficient and safe domestic payment system.
The statement came at the time of year when countries such as China and Sweden are testing digital currencies. Earlier RUSSIA and Japan went on board the idea of a CBDC. The European Union is actively researching on a Digital Euro.
So if you were looking for a Digital Dollar you will have to wait...
