A bipartisan effort is under way to persuade the Federal Reserve to introduce a digital dollar, a crypto-friendly innovation that has the potential to revolutionise financial services, major banks, and the virtual asset market itself.
However, banking and cryptocurrency power brokers are making a case for Washington to remain away as Congress and the Biden administration pitch the possible central bank digital currency as a critical instrument for protecting the dollar’s worldwide dominance.
Attorney General Merrick Garland has until September 5 to decide whether any new laws are required before the Fed may implement a digital currency. House Financial Services Chair Maxine Waters (D-Calif.) and Republican Rep. Patrick McHenry (N.C.) are drafting legislation that would create new standards for stablecoins, privately-issued digital tokens with a value tied to the dollar, and request a study of a Fed currency.
Consumers might conduct transactions using digital wallets that would probably be managed by banks or other financial intermediaries using a central bank digital currency, or CBDC, which would resemble cash in many ways. These businesses promise to provide quicker, more affordable, and more secure services than those now offered by commercial banks, fintechs, or cryptocurrency.
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