Central Bank Digital Currencies (CBDCs) have been a major concern among major financial institutions around the world in recent years, but not necessarily the United States Federal Reserve (Fed). However, a recent report from Bank of America suggests that the American power would intend to launch its new digital currency by the end of this decade.
The strategists of the North American bank Alkesh Shah Y Andrew Moss noted in statements to Bloomberg that CBDCs are “an inevitable evolution of current electronic currencies”. In this regard, they noted that U.S you will not be able to refrain from its launch.
The Chairman of the Federal Reserve, Jerome Powell, has already spoken about it and made it clear that they would consider launching a digital dollarbut they are not interested in “be the first”. The official had been asked about the rapid development of China’s digital yuan, which could be launched en masse this year.
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On the other hand, representatives of Bank of America highlighted the growth of stablecoins in terms of adoption and capitalization, and they stressed that it is a trend that will continue in the coming years. Like Powell, they also noted that they are a type of asset that can perfectly coexist with a digital dollar.
“We expect the adoption and use of stablecoins for payments to increase significantly in the coming years. as financial institutions explore digital asset trading and custody solutions and payment companies incorporate blockchain technology into their platforms”, they completed.
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