Jerome Powell, the head of the US Federal Reserve, said that research was being done to prepare the cyber dollar, but that no haste would be taken to protect it from fraud and counterfeiting.
Jerome Powell made the remarks while addressing the International Monetary Fund’s (IMF) annual debate on the central bank’s digital currency program.
He said the Federal Reserve is working with experts from the Massachusetts Institute of Technology to create a fictitious digital currency, and that it is at the forefront of the United States’ ability to make the right decision about digital currency. In this case, be ahead of others.
The head of the Federal Reserve Bank said that while digital currency has many advantages, it also poses potential risks such as counterfeiting and cyber-attacks, so full caution is needed before taking any action.
According to the news agency, one of the reasons for the growing interest of the central bank in digital currency is Facebook’s ‘Libra Project’ under which Facebook is trying to bring its digital currency like a corrupt currency so that it can be used on its social media platforms. Its digital currency could be used in economic activities, but the US government wants to spread the word.
Jerome Powell says the Federal Bank needs to be more careful on this issue because businesses around the world and central banks use the dollar as a reserve currency, so it is our responsibility to ensure that we deal with digital currency. Every step you take must be safe.