The head of the US Federal Reserve System (FRS) Jerome Powell said that the department is studying the issue of creating an electronic dollar. RIA Novosti reports.
“This is an issue that the world’s central banks are considering. There are significant technical and regulatory issues in relation to how to do this,” he said. According to him, the issue of the electronic dollar should be resolved in such a way as to avoid negative consequences for the banking system. “We don’t have to be first, we have to do it right. But this is what we invest time, work in,” Powell said.
According to the head of the FRS, in this process it is necessary to avoid the creation of something that can play a destabilizing role or withdraw money from the banking system. However, Powell generally described it as a “high priority project”.
In October, the Central Bank of Russia announced the development of the digital ruble. The head of the regulator Elvira Nabiullina does not exclude that the technology will be launched at the end of 2021.