03

Jan

Digital Dollar Wallet to Each American: USA Plans to Launch its Digital Currency

It seems the rumors about the launch of digital dollars have been confirmed. The US Federal Reserve has been making actual efforts to launch their Central Bank Digital Currency (CBDC).

Now, the Federal Reserve Board of Governors have partnered with some Federal Reserve Banks to develop basic policies and assess possible issues of risks. The Board has established a technology lab to test various platforms and solutions compatible with the development and launch of a CBDC. 

The same has been done by the Federal Reserve Bank of Massachusetts which has collaborated with the Massachusetts Institute of Technology (MIT) for that purpose. The Federal Reserve Bank of New York is engaged in defining trends relevant for central banks and their digital currencies. 

Obviously, the USA realizes the potential of digital currencies. That is why the country’s Federal Reserve Banks are making practical efforts to develop a viable CBDC. At the 20th Anniversary Chicago Payments Symposium, the president of the Federal Reserve Bank of Cleveland, Loretta J. Mester, stated: