{"id":109432,"date":"2020-11-10T23:35:37","date_gmt":"2020-11-10T20:35:37","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/us-central-banker-urges-digital-dollar-development\/"},"modified":"2020-11-10T23:35:37","modified_gmt":"2020-11-10T20:35:37","slug":"us-central-banker-urges-digital-dollar-development","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/us-central-banker-urges-digital-dollar-development\/","title":{"rendered":"# US central banker urges digital dollar development"},"content":{"rendered":"<p>&#8220;<strong># US central banker urges digital dollar development  <\/strong>&#8221;<br \/>\n<img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjAtMTEvZmZhZDRmNTEtYzg5Ni00ZWJhLTgwYzktNmNkOTU2ZDkyNTk2LmpwZw==.jpg\" \/><\/p>\n<div data-v-5a136f3a=\"\">President of the Dallas Federal Reserve Robert Kaplan believes the US central bank should begin work on a digital currency im<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>tely, a clear indicator that some policymakers view this as an urgent matter.\u00a0<\/p>\n<p>Speaking Tuesday at a virtual conference hosted by Bloomberg, <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.marketscreener.com\/news\/latest\/KAPLAN-SAYS-IT-IS-CRITICAL-FOR-THE-FED-TO-WORK-ON-DEVELOPING-A-DIGITAL-CURRENCY-IN-THE-MONTHS-AND-YE--31739452\/\">Kaplan reportedly said<\/a>: <\/p>\n<blockquote><p>\u201cIt is critical that the Fed focuses on developing a digital currency in the coming months and years.\u201d <\/p><\/blockquote>\n<p>The central banker\u2019s remarks were part of a <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-11-10\/fed-s-kaplan-says-virus-resurgence-threatens-next-two-quarters?sref=2NXlthj2\">broader discussion<\/a> on the economy and fiscal policy.\u00a0<\/p>\n<p>Kaplan is a member of this year\u2019s Federal Open Market Committee (FOMC), the organization tasked with setting monetary policy. The 2020 Committee <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.federalreserve.gov\/monetarypolicy\/files\/monetary20200303a1.pdf\">slashed interest rates<\/a>\u00a0to record lows in March as part of a synchronized policy response to Covid-19. Kaplan and the rest of the FOMC have been instrumental in flooding the market with liquidity since Sept 2019, when irregularities in the overnight repo market <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.chicagofed.org\/publications\/chicago-fed-letter\/2019\/423#:~:text=With%20more%20borrowers%20chasing%20a,for%20the%20fed%20funds%20rate.\">caused<\/a> short-term interest rates to spike.<\/p>\n<p>Blockchain <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> is certainly on policymakers\u2019 radar. Last month, Fed Chairman Jerome Powell <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.kitco.com\/news\/2020-10-26\/Fed-Chair-80-of-global-central-banks-considering-digital-currencies.html\">said<\/a> that 80% of central banks around the world are exploring the potential utility of a CBDC. While the Fed has given no indication of whether it will pursue a digital dollar, it has deployed economists to explore the subject in greater detail.\u00a0<\/p>\n<p>On Monday, the Fed released a literature review of central bank digital currencies, or CBDCs, to explore the impact of a digital dollar on commercial banking and monetary policy. The review concluded by recommending additional research be devoted to exploring the \u201cintrinsic\u201d value drivers of a government digital currency.\u00a0<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"\/><\/p>\n<p>Back in August, the central bank released a full-length research report comparing a digital dollar with other payment methods.<\/p>\n<p>Although the idea of a CBDC is scoffed at by proponents of truly decentralized digital currencies like Bitcoin, the digital dollar is believed by some to be the natural progression of a cashless society. It <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.digitaldollarproject.org\/faq#:~:text=A%20digital%20dollar%20would%20enable,persistent%20deficiencies%20in%20international%20payments.\">may assist<\/a> governments in supporting financial innovation, boosting payment functionalities and supporting greater financial integration worldwide. <\/p>\n<\/div>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener noreferrer\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/us-central-banker-urges-digital-dollar-development\" target=\"_blank\" rel=\"noopener noreferrer\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# US central banker urges digital dollar development &#8221; President of the Dallas Federal Reserve Robert Kaplan believes the US central bank should begin work on a digital currency immediately, a clear indicator that some policymakers view this as an urgent matter.\u00a0 Speaking Tuesday at a virtual conference hosted by Bloomberg, Kaplan reportedly said: \u201cIt&#8230;<\/p>\n","protected":false},"author":1,"featured_media":109433,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2020-11\/ffad4f51-c896-4eba-80c9-6cd956d92596.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[75046,75022,75269,70550,71511,70934,67874],"class_list":["post-109432","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-cbdc","tag-central-bank","tag-us-government","tag-federal-reserve","tag-government","tag-regulation","tag-united-states"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/109432","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=109432"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/109432\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/109433"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=109432"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=109432"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=109432"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}