Digital Dollar News

Having the Fed require users to open accounts to access the benefits of a digital dollar would put it "on an insidious path akin to China’s digital authoritarianism," according to Tom Emmer.

The “e-CNY (Pilot Version)” app was made available for download in the Chinese Android and Apple app stores on Tuesday.

Such a move would require broad consensus among Congress, the U.S. central bank and the White House.

“The idea of having a tokenized dollar that is capable of being exchanged on a peer-to-peer basis on a platform where developers can innovate and develop new products and services... I think there’s a strong case for that,” said Pat Toomey.

“We should act now to improve access to financial services through other means as well — the need is too great," said Tim Massad.

Rising jobless claims in the U.S. sparked sell-offs in the dollar market. On the other hand, Bitcoin held onto its intraday gains.

At a November 2020 virtual conference, Rob Kaplan said "it is critical that the Fed focuses on developing a digital currency in the coming months and years."

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.