Digital Dollar News

Fed Chair Jerome Powell says there is no pressure to rush any central bank digital currency development plans.

The bill also calls for the U.S. Federal Reserve to be vested with the clear authority to issue a digital dollar.

Governments around the world are pouring more resources into CBDC research and exploratory use cases. Among the major economies, China appears to be pulling ahead and has plans to implement digital yuan usage during the 2022 Winter Olympics in Beijing.

Yale Professor Gary B. Gorton and Jeffery Zhang of the Board of Governors of the Federal Reserve System have co-authored a 49-page paper called, “Taming Wildcat Stablecoins.”

The new one1INCH stablecoin will be collateralized by a combination of USDC and 1inch's native token.

"Irrespective of the conclusion we ultimately reach, we expect to play a leading role in developing international standards for CBDCs," said the Fed chair.

Five pilot programs will gather data on a digital dollar in the United States over the next 12 months.

Countries like the Bahamas and Thailand are on the leading edge of CBDC development, according to a new research report.

Former OCC acting comptroller Brian Brooks claimed that cryptocurrencies like Bitcoin “actually are backed by something.”

Jerome Powell added that the Federal Reserve needs to consider the health of other markets when creating a digital currency.

She still questioned how regulators would "manage money laundering and illicit finance issues" with digital currencies.

The United States Federal Reserve needs its own digital currency to protect against a possible overnight proliferation of stablecoin technology, says Fed chairman Jerome Powell.

Launched on Nov. 24, a new cryptojacking campaign uses Docker platforms that have API endpoints exposed online to mine XMR.