US CBDC debate heats up amid elections. Does the country need a digital dollar?
During the 2024 presidential race, the discussion on a U.S. CBDC becomes more intense. Candidates’ contrasting views mirror wider concerns about privacy and government control. As of Jan. 2024, the situation regarding central bank digital currencies (CBDCs) in the U.S. is characterized by caution and gradual progression, especially when compared to the advancements made by other countries. Currently, 11 countries have fully implemented digital currencies, while China, India, and several other countries are in the pilot phase. Source: Atlantic Council In the U.S., the development of a retail CBDC (direct-to-consumer) has seen little progress. However, there is forward movement on a wholesale CBDC, which focuses on bank-to-bank transactions. Amid this, the Federal Reserve is approaching the idea of a digital dollar with a degree of caution. Fed Chair Jerome Powell expressed interest in a digital dollar in 2022 but also recognized the need for careful consideration ...