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Business

United States working on to introduce the ‘Digital Dollar’

  • However, there will be no haste in the project in order to protect it against fraud and forgery, he said.
Updated 20 Oct 2020

The US Federal Reserve is working on a possible Digital Dollar, after Jerome Powell, head of the US Federal Reserve, says research is underway to create a digital dollar.

However, there will be no haste in the project in order to protect against fraud and forgery, he said.

Jerome Powell made these remarks while addressing the International Monetary Fund's (IMF) annual debate on the central bank's digital currency program. He said the Federal Reserve was working with experts at the globally renowned Massachusetts Institute of Technology (MIT) to create a mock digital currency.

At the moment, it is one of the most important issues for the United States to make the right decision about digital currency and to maintain its lead over others, he said.

"This is one of those issues where it's more important for the United States to get it right than it is to be first," Powell said during a panel discussion at the IMF annual meeting on central bank digital currencies (CBDC).

The head of the Federal Reserve Bank said that while the digital currency has many advantages, it also has potential risks such as counterfeiting and cyber-attacks, so full caution is needed before taking any action.

As per reports, one of the reasons for the growing interest of the United States central bank in the digital currency is Facebook's 'Libra Project' under which Facebook is trying to bring its digital currency like a cryptocurrency so that Its digital currency could be used in economic activities on its social media platforms, but the US government wants to lead in this sphere.

Jerome Powell says the Federal Reserve needs to be more careful because businesses around the world and the central bank use the dollar as a reserve currency. In this case, it is our responsibility to ensure that whatever steps we take regarding digital currency are safe, he added.