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KTFA
Samson » January 25th, 2022
US bank details : The digital dollar is “inevitable”
25th January, 2022
Bank of America expects the United States to continue its efforts to launch its own digital currency, to appear between 2025 and 2030.
Strategists Alkesh Shah and Andrew Moss wrote in a report on Monday that US government-backed digital currencies, or central bank digital currencies, are “an inevitable evolution of today’s cryptocurrency.” They also expected an increase in reliance on digital currencies issued by private entities, according to Bloomberg, which was reviewed by Al Arabiya.net.
It comes as the Federal Reserve discussed developing its own currency in a 35-page paper last week, saying it was just a first step and had no intention of moving forward without support from the White House and Congress.
A digital dollar can have a range of benefits, such as making cross-border payments cheaper and faster. However, he mentioned many potential risks as well, including potential inflows to financial firms and a drop in deposits in the banking system.
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The Fed requested public comment on these issues by May 20.
“We expect stablecoin adoption and use of payments to increase significantly over the next several years as financial institutions explore digital asset custody and trading solutions, as payments companies integrate blockchain technology into their platforms,” they said. LINK
Source: Dinar Recaps
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