US Federal Bank Chairman, Jerome Powell, stated that the US will not be pressured in releasing their Central Bank Digital Currency
The US Federal Bank Chairman Jerome Powell has stated that the US will not rush themselves in following China in developing a digital currency. Powell made the claims during the latest policy meeting and also repeated that it would be better to take their time and evaluate all the benefits and risks of developing a Central Bank Digital Currency (CBDC).
Powell also highlighted that the US should and will not be taking China's approach to CBDCs.
“Far more important to get it right than it is to do it fast. The currency that’s being used in China is not one that would work here. It’s one that really allows the government to see every payment for which it is used in real-time.”
Therefore, it will be some time till we might actually see a digital dollar. The US Federal Bank will ensure that it is the right fit for their people and will not cave under the pressure caused by China.
The digital currency is a major effort with China's regulators, commercial banks and tech solution providers all getting involved to push this project.
However, even though it is a digital currency, digital yuan still has certain features just like the physical currency. It circulates under the control of the central bank, six major commercial Chinese banks also distribute digital yuan to smaller banks.
The digital yuan backers
- Bilibili - video streaming platform
- Meituan - On-demand services provider
- Didi - an Uber like app
- Ant Group - Headed by Ant Group
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