• Bitcoin
  • NFT
  • Binance
  • ETH
  • DeFi
  • Metaverse
  • IDO
  • Coinbase
  • Solana
  • ETF
  • FTX
  • GameFi
Newsletter
  • Home
  • Crypto News
  • Market
  • Learn
No Result
View All Result
  • Home
  • Crypto News
  • Market
  • Learn
No Result
View All Result
CoinLive
No Result
View All Result
Home Crypto News

Fed Vice Chairman Concerned About Digital Dollar Potential

193
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

[ad_1]

According to Fed Vice President Randal Quarles, the potential advantages of central bank-issued digital {dollars} are unclear, and will even pose vital dangers.

Related articles

Top 7 promising coins x 100: Super profitable investment opportunity

Top seven likely coins that can x100 assets by 2024

March 2, 2024
What is DeFi (decentralized finance)?  Discover the potential and risks of decentralized finance

What is DeFi (decentralized finance)? Discover the probable and dangers of decentralized finance

November 24, 2023

According to CNBC, not too long ago, Vice Chairman of the US Federal Reserve (Fed) Randal Quarles has expressed skepticism concerning the arguments in favor of a central financial institution digital foreign money (CBDC).

According to him, the potential advantages of CBDCs are unclear, even when there are vital dangers.

The Fed Vice Chairman mentioned that it will be difficult if individuals bypass conventional banks and go on to the Fed to purchase digital foreign money or construct a safety system to keep away from cyber assaults.

Supporters of the Fed-issued digital greenback argue that it might strengthen the cost system, particularly internationally, to assist funds to the unbanked.

Essentially, a Fed digital foreign money would operate like a every day exchanged digital USD, besides as an alternative of being backed by banks, they might be backed by the Fed. People with no checking account can use the Fed system to switch cash forwards and backwards.

However, Mr. Quarles mentioned the system might be troublesome to design and costly, would seemingly require congressional approval and can be redundant over present programs.

However, another Fed officers, similar to Governor Lael Brainard, have expressed assist for CBDCs.

In May, the Fed mentioned it will launch an motion plan research this summer season to dig deeper into CBDCs. The Fed’s focus is on guaranteeing a safe and environment friendly funds system that advantages American households and companies.

CBDC advocates fear that the Fed might lose its place within the world monetary system if it would not get entry to innovation.

However, Mr. Quarles discovered it unlikely that any actual risk to the greenback would emerge as a consequence of its steady worth, continued rising significance in world monetary markets, depth and systematic significance of bonds and bucks.

The Fed vice chairman additionally mentioned he sees little risk from cryptocurrencies like Bitcoin, which is likened to gold, a secure haven towards instability and inflation.

He argues that Bitcoin and related cash are nonetheless principally a dangerous and speculative funding fairly than a revolutionary technique of cost. They are due to this fact most unlikely to affect the function of the USD or essentially have competitors from CBDCs.

Maybe you have an interest:


Join our channel to replace essentially the most helpful information and data at:

According to Vietnambiz
Compiled by ToiYeuBitcoin

.

[ad_2]

Tags: ChairmanconcernedDigitalDollarFedPotentialRandal QuarlesVice
Share77Tweet48

Related Posts

Coinbase CEO Advocates Crypto for Global Economic Challenges

by shark
June 23, 2025
0

Brian Armstrong, CEO of Coinbase, discusses cryptocurrency's potential to address economic instability, rising debt, and inflation.

Bloomberg Raises Crypto ETF Approval Odds to 90%+

by shark
June 23, 2025
0

Bloomberg analysts forecast over 90% approval odds for crypto ETFs, boosting market optimism.

Bybit Releases 24th Proof of Reserves Audit

by shark
June 23, 2025
0

Bybit's recent Proof of Reserves snapshot reveals an increase in BTC and ETH holdings, with a dip in USDT reserves,...

Bitcoin’s Market Cap Surpasses Leading Global Banks’ Combined Value

by shark
June 23, 2025
0

Bitcoin's market capitalization surpassed the combined value of Bank of America and Bank of China, marking a significant milestone in...

Binance Lists DeLorean (DMC) on Spot and Futures Markets

by shark
June 23, 2025
0

Binance will list DeLorean (DMC) for spot and futures trading, with high trading demand and leverage up to 50x anticipated.

Load More

Tags

analysis announces Bank billion Binance Bitcoin Blockchain BTC CEO Coin Coinbase Crypto cryptocurrencies Cryptocurrency DeFi ETH Ethereum Exchange Finance FTX fund game General News Information Investment Latest Launch launches market Metaverse million Network News NFT platform Price project Protocol Review SEC Solana Token trading users wallet

Recent Posts

  • Coinbase CEO Advocates Crypto for Global Economic Challenges
  • Bloomberg Raises Crypto ETF Approval Odds to 90%+
  • Bybit Releases 24th Proof of Reserves Audit
  • Bitcoin’s Market Cap Surpasses Leading Global Banks’ Combined Value
  • Binance Lists DeLorean (DMC) on Spot and Futures Markets
  • EigenCloud Launched by Eigen Labs with $70M Backing
  • Binance Handles $3 Billion Daily USDT Transfers on Tron
  • Pi Network Faces High Volatility Ahead of Token Unlock
  • About
  • FAQ
  • Contact Us
  • IGO
  • Altcoin
  • Terra
  • Launchpad
  • P2E
  • META
  • AXS
Email us: [email protected]

© 2021 CoinLive - Crypto News 24/7

No Result
View All Result
  • Home
  • Crypto News
  • Market Analysis
  • Learn

© 2021 CoinLive - Crypto News 24/7