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In testimony to the House Financial Services Committee, the Federal Reserve’s vice chair gave a thorough accounting of the Fed’s thoughts on issuing its own digital currency without committing to any specific course of action.
Critics call the prospect a frightening “means of control.”
China’s vision of the next iteration of the internet is one in which China controls and vets who can build on it.
The Federal Reserve has hired five executives from the stablecoin issuer Circle and at least one employee of Ripple since 2019 as part of its technology-focused recruiting efforts. It plans to do more hiring in the years ahead to aid its work on faster payments and central bank digital currencies.
Lawmakers have joined the chorus of officials who want the US to create a digital currency that would virtually eliminate funds transfer waiting periods, cut fees and enable those without bank accounts to move money across borders. One problem: lose your token card or passcode, lose your money.