US Congressman called on the Fed to develop a digital dollar


US Congressman Bill Foster pointed out the Chairman of the Fed Jerome Powellu on the fact that the dollar could soon lose the status of a global payment product due to the launch of China and other CBDC digital currency countries (CBDC).

At the hearing on monetary policy, Bill Foster asked Powell’s opinion about whether the launch of the digital dollar would strengthen the position of the American currency as the core of the state and global financial system.

The Fed Chairman left a direct response, saying that the presence of a single payment product is important for the economy as a whole, but the impact of the digital currency on the enhancement of positions remains an open question. After adding that at present, each central bank carefully monitors the development of this direction.

Further, the Congressman asked about the ability of the United States to respond to a competitive threat from the digital yuan, which China

Jerome Powell replied that the United States and China have different views on CBDC.

During the hearing, Bill Foster expressed his concern that the government does not react to

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