[Delio] The Digital Dollar Would Secure the Greenback as the Global Reserve Currency
U.S. Rep. Jim Himes (D-Conn.) argued in a whitepaper that a digital dollar would support the greenback’s role as a global reserve currency and benefit underbanked individuals, crypto media CoinDesk reported on June 23.
The 15-page document argues that the U.S. should establish a central bank digital currency (CBDC) outlining what to expect from a CBDC and how it compares to cryptocurrencies such as Bitcoin and Tether.
The whitepaper comes as the crypto market broader settles into a long-term downturn and discussions inside the Fed about a potential US CBDC growth. According to the document, it is noted that a U.S. CBDC, much like traditional cash, would be backed by the full faith and credit of the U.S. government.
Congress and the Biden administration, according to Jerome Powell and the US central bank, should authorize the Fed to issue a CBDC.
Himes mentioned in a statement on Wednesday that other countries have made “significant progress” in developing CBDCs. He believes Congress needs to consider and adopt legislation that would authorize the establishment of a US CBDC.
Please visit our official site for more curation!
Delio Website: https://delio.global
Delio Facebook: https://www.facebook.com/delio.global
Delio Twitter: https://twitter.com/happydelio
Delio Instagram: https://www.instagram.com/delio_global
Delio LinkedIn: https://www.linkedin.com/company/happydeliox
Delio Telegram Channel: https://t.me/delio_news_en
Delio Telegram Group: https://t.me/delio_en