USA is late in creating its own CBDC currency
States are at risk of lagging behind other countries in the development of digital currencies
Developing countries have more room to experiment
Priorities need to be set before creating a digital dollar
International consortium of news organizations developing transparency standards.
Sharon Bowen, former Commissioner of the US Commodity Futures Trading Commission, said the US is lagging behind other countries that are working to create a central bank digital currency, or CBDC. CBDC). As of … More.
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The dollar is losing leadership
During a webinar hosted by consulting firm Accenture, Bowen, who currently serves on the board of Intercontinental Exchange, said CBDC will help the dollar maintain its leading position in the global economy..
Read the detailed history of the creation of the American digital currency in our article.
If the States do not want other countries to “become a threat to monetary policy or dollar money supply,” they need to seriously consider cross-border transactions using CBDC.
Bowen stressed that while, according to the chairman of the Federal Reserve System, CBDC should not be developed by private structures, but by the government, it is important to involve various stakeholders to expand the prospects.
“It is imperative to decide how this technology will work with current and future financial systems … we need to make sure these markets are free of operational risks and systemic disruptions so that we continue to have a resilient financial system.”.
In addition to Bowen’s words, the head of the World Economic Forum on blockchain Sheila Warren said that the US was certainly late. But whether they still lag behind is a separate question. Recall that recently the Bank of France announced its readiness to start testing the digital euro and even announced which financial institutions will participate in the process. China has advanced further on this issue, which has been actively working on creating its own digital asset for several years..
Bowen explained that it is easier for developing countries to experiment with CBDC as they explore possible use cases at the domestic level..
“They don’t need to adjust to the entire global economy,” she added..
For the US to create a digital fiat currency, Warren said, the country needs to prioritize and carefully consider what challenges can be addressed in the short to medium term, and recognize what challenges go beyond the CBDC..
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