Fedcoin? The U.S. central bank is looking into it
FILE PHOTO: Federal Reserve Chairman Jerome Powell poses for photos with Fed Governor Lael Brainard at the Federal Reserve Bank of Chicago, in Chicago, Illinois, U.S., June 4, 2019. REUTERS/Ann Saphir
“By transforming payments, digitalization has the potential to deliver greater value and convenience at lower cost,” Brainard said in remarks prepared for delivery at the Stanford Graduate School of Business. The speech did not touch on interest rates or the current economic outlook. Central banks globally are debating how to manage digital finance technology and the distributed ledger systems used by bitcoin, which promises near-instantaneous payment at potentially low cost. The Fed is developing its own round-the-clock real-time payments and settlement service, and is currently reviewing 200 comment letters submitted about the project, she said.
Dozens of central banks globally are also doing such work, a recent international study showed, with China moving ahead on its plans to issue a digital coin.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
A Fed rate cut in 2020 is now on the table as coronavirus spreads, economist saysThe spread of the coronavirus could lead global central banks including the Federal Reserve to leverage their policies to stem the weakness, says Benn Steil, international director of economics at the Council on Foreign Relations.
Read more »
Joe: How do you call it a good speech if it's fed by lies?The Morning Joe panel kicks off Wednesday's show by recapping the president's State of the Union address.
Read more »
Ex-Fed chair Janet Yellen: Coronavirus poses 'risk' to global economy, but previous epidemics had little influenceFormer Federal Reserve chair Janet Yellen addressed the coronavirus epidemic Tuesday, saying the uncertainty around what will happen and whether it will be contained poses a 'risk to the global outlook.'
Read more »
Australia central bank looks to rid Visa, Mastercard of debit payments edgeAustralian regulators will consider intervening to stop banks from automatically...
Read more »
Australia central bank governor says jobs key for further rate cutsAustralia's central bank would see a stronger case for cutting its benchmar...
Read more »