While talking about the US’s views on CBDCs, Fed’s Chair Jerome Powell noted that the Chinese approach would not work in the States.
The Chairman of the Federal Reserve outlined that the US will not haste its own digital currency project despite China’s rapid advancements. He revealed that the CBDC approach undertaken by the Asian country will not be effective in the USA.
China’s CBDC Won’t Work in the US
With the rapidly expanding topic of central bank digital currencies (CBDCs) in countless countries, the world’s largest economy is yet to provide a definitive stance. Although the US dollar remains the leading reserve currency, the nation’s position could be challenged if it falls behind.
However, Federal Reserve’s Chair, Jerome Powell, outlined once again that the US cannot afford to rush the project. Moreover, he doubled down on a previous assertion indicating that the country has a responsibility to “do it right” instead of doing “it fast.”