The Digital Dollar: The Fed Publishes A Discussion Paper [Forbes]
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Source: Forbes
The Chinese Central Bank is rolling out a digital yuan into production to coincide with the Winter Olympics, the Fed is producing a discussion paper. 250 million people have downloaded the wallet app for e-CNY, the Chinese Central Bank Digital Currency. less than 250 people at the Boston Fed and the MIT are building a proof of concept application to test out the digital dollar. It is hoped that the digital dollar would be the tortoise, but this year it will be racing the Chinese Tiger, not the hare, and the race appears to be already over. Of course, this is not a footrace with an end, it is definitely a long game. In that sense, the release of this paper is an important and widely anticipated milestone for the Fed and they have released a series of 22 questions for discussion in this paper. Anyone can provide feedback on these questionsthrough a formA deliberate, methodical and well researched approach is needed to release a new national digital instrument. Federal Reserve policymake
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