Launch Of A Digital Dollar To Happen In The Future, Reveals Lobbyist
The Central Bank Digital Currency for the United States will come to fruition soon, with the popular and most used U.S. dollar now going Digital; it is however unknown the exact time this would happen.
Central Bank Digital Currency For U.S.?
The US dollar fiat currency has served and continues to serve an important role in cross-border payments. However, it has been suggested that the Digital Dollar, a Central Bank Digital Currency, may be adopted very soon.
This will not be an unusual occurrence, as most countries are now working to develop their own digital currency, which will improve the convenience of payment and cut costs while also being able to withstand the traps of inflation.
Micheal Greco, the Director of US Policy Research, revealed in a recent interview with Coindesk that there is a strong likelihood that this fantasy will come to reality in the next few years with the launch of a Digital US dollar.
However, before it can be implemented and launched, Congress must sign this bill.
Greco, on the other hand, does not expect this law to be signed any time soon, but he believes it is worth a shot and will be looked into in a couple of years.
Another senior director at Atlantic’s Council Geoeconomic Center asserts that given how CBDCs are used in other nations, such as South Korea, it is evident how great and beneficial they are.
Accessing And Observing Other Digital Coins Deployment
He stated that the European Bank is also taking baby steps toward a pilot wholesale phase of its digital euro next year, which would be seen by the majority of people in Europe as a significant step in the right direction.
The senior director continued by saying that the American government might pay attention and utilize the European Bank as a case study to see how it can successfully address any concerns that might come up during this wholesale trial period of the digital euro.
He also expresses his belief that wholesale CBDC for bank interactions will be preferable to retail CBDC for consumer and traders transactions and usage.
He concludes by hoping that the problems encountered with cruptocurencies do not extend to this digital Dollar.
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