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America is becoming obsolete. That’s right, obsolete.
While the whole world is evolving, not just in technologies, but in economic and financial system, the Fed is hell bent on keeping the status quo.
Exhibit A: Federal Reserve Chairman Jerome Powell is standing his ground when it comes to central bank digital currencies or CBDCs. Japan, China, and other European countries are pushing forward with the creation of their own CBDCs but Powell won’t be hurried.
During testimony before the U.S. Financial Services Committee, Powell said they are studying the feasibility of central bank digital currency or CBDC but will launch it when they launch it.
Yes, they don’t care whether the whole world are already testing it out. Instead of leading this revolution, we are opting to stay behind.
Of course, it’s good that they are not giving it to pressure but it’s sad that they are not seeing the value and importance of a CBDC.
The U.S. is falling behind in almost every aspect of economic and financial progress.
When it comes to developing a CBDC, China is getting close to implementing the digital yuan. El Salvador recognized Bitcoin as a legal tender and is now exploring a CBDC. If their response to Bitcoin is any clue, then we can expect a lightning speed CBDC implementation as well.
When it comes to international relations, Europe and Asia and forging direct partnerships.
When it comes to technology, India, China, and Korea are revolutionizing the automotive industry, communications devices, and other digital technologies.
Digital cash is just another aspect of progress we are ignoring.
He also said, and this is a point that I find more interesting, is that he thinks that when the US launches a sovereign digital currency, it could make cryptocurrencies such as bitcoin or stablecoins such as Tether unnecessary.
Powell said and I quote, “One of the arguments that are offered in favor of a digital currency in particular is that you wouldn’t need stablecoins you wouldn’t need cryptocurrencies if you had a digital US currency”.
Currently, the Fed is working on a report expected to be published in September, pushed back from July, that seeks to expand on benefits, risks, and considerations that must be taken into account when it comes to forms of digital payments, such as crypto assets, stablecoins and the formation of a CBDC.
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