Reportedly, the Federal Reserve will soon release its review on the adoption of blockchain technology through the introduction of US digital CBDCs.
In the present time, almost all the countries’ central banks are going to adopt blockchain innovation through the Central Bank Digital Currency (CBDCs). But here this is the United States, which is not openly thinking to implement the CBDCs adoption across the states because they believe that they are not under rush and competition in the present financial system, so they will think about it but they will not take decisions quickly because they are out of this competition.
The Federal Reserve will release its review on the Central Bank Digital Currency, US digital dollar. However here it will be wrong to say that they will give their decision, whether they will bring CBDCs or not. Because CBDCs are under review and at many points there are many concerns and opinions by the different bodies, WSJ reported.
It is worth it to note that, earlier this year Hong Kong officials released their technical Central Bank Digital Currency based white paper that was a better indication and suggestion for the global countries to follow the rules and system if they want to adopt the CBDCs actually. But here the US Fed will not release white paper for the adoption of CBDCs, they will release about the risks and opportunities that are involved with the CBDCs adoption.
According to reports, Digital dollar of the US Federal Reserve will enable the fast payment system across financial institutions and individuals. And also CBDCs will bring a better expansion of the banking services or financial services which are not available to many people and they need a traditional financial system as per trend.