U.S. Congressman Bill Foster for the Federal Reserve’s Electric Central Bank..
We Need a Digital Dollar to Counter China, Says Rep. McHenry
At the hearing on monetary policy..
The Fed chairman dodged a direct answer, saying that having a single means of payment is important for the economy as a whole, but the impact of the digital market on strengthening its position remains an open question. Adding that currently, each central bank is closely monitoring the development of this direction.
The congressman further inquired about the US’s ability to respond to a competitive threat from the digital yuan, which China can scale with its current mobile payment system…
Fed Chair Jerome Powell spoke to the IMF about digital currencies
Jerome Powell responded that the US and China have different views on CBDC..
During the hearing, Bill Foster expressed his concern that the government is not responding to plans by other countries to launch national digital data that gives them a competitive advantage.. He also points to the threat of dollar hegemony due to China’s intentions to transfer settlements with some countries to the digital yuan.
text: Ivan Malichenko, photo: pinimg
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