No plans for Fed digital currency, says Kansas City Fed
Yahoo Finance's On The Move panel break down what's moving markets.
Video Transcript
- Yeah, well at a conference yesterday, at the Sibos conference, I had the chance to speak with the Kansas City Fed chief, talking about central bank digital currencies, non-monetary policy, and President George saying that they're doing research into maybe having some sort of digital version of the US dollar.
They've been piloting programs with MIT, for example, to figure out use cases, but said, let's pump the brakes. This doesn't mean we're going to full-on adopt it. Here's what she had to say.
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ESTHER GEORGE: I have to make sure I note though at this point none of those efforts signal a decision by the Fed to actually adopt such a currency, but I think it's prudent that we do our homework and think about what that entails.
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- So the Fed does want to make sure it's doing their homework, so it's possible they could adopt something. Keep in mind that a survey from the Bank of International Settlements says that only 10% of global central banks actually plan on doing this. But again, the Feds saying, we're researching it, and we've got it in the back of our heads at least for right now.
