It was a major statement by the U.S. Federal Reserve Chairman Jerome H. Powell on CBDC. At a time when crytocurrencies are reeling all over the globe and facing a prolonged bearish phase , the latest statement by the Chair acquires increased significance.
Federal Reserve Chairman Clarfies On CBDC
U.S. Federal Reserve Chairman made this statement at a research conference on the role of U.S. Dollar. The global financial regimen is undergoing a lot of changes and the conference discussed the topic “International Roles of the U.S. Dollar.” Mr. Powell also made use of the opportunity to explain the stance of the Fed about cryptocurrencies and Central Bank Digital Currencies.
Rapid Changes In World Monetary Regimens
Federal Reserve Chairman said that the rapidly changing world order can impact the role of dollar as the leading currency of the world. The Global Monetary System is seeing a world change and this also includes the cryptocurrency whose existence cannot be wished away. The advent of cryptocurrency has increased the expectations from the present financial regimens. Today round the clock instant payments ecosystem has become a reality and ig economies have already started to evolve to changing times and have adopted or kept in the loophole the new payments mechanism.