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The Great Divide: Central Banks, Technology, and the Future of Money

ldadmin by ldadmin
January 26, 2024
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The Great Divide: Central Banks, Technology, and the Future of Money

The Fed is falling behind on digital currency technology

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This year marks a significant shift among global central banks, focusing not on traditional monetary policies but on embracing technology, specifically central bank digital currencies (CBDCs) and advanced payment systems. Leading banks like the ECB, Bank of England, and Bank of Japan are rapidly developing CBDCs, while the U.S. Federal Reserve lags, especially in resources dedicated to digital currency innovation.

This article is a summary. Please read the original article by Josh Lipsky & Ananya Kumar on the Atlantic Council think tank website, here

India’s digital rupee and the ECB’s preparation for a digital euro exemplify the global momentum towards CBDCs. These developments aim to future-proof currencies against emerging technologies. In contrast, the U.S. is slow to adapt, evident in the delayed rollout of its FedNow system.

The Federal Reserve’s hesitance risks the U.S. falling behind in the global digital currency landscape. Despite the potential in academia and the private sector, the U.S. lacks active collaboration in this space. This gap is notable on the international stage, with other central banks seeking the Fed’s guidance on critical issues like cybersecurity.

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As the digital euro sets new standards in 2024, the absence of U.S. leadership could lead to a fragmented and insecure financial system. The U.S. Federal Reserve needs to accelerate its exploration of CBDCs and improve cross-border payments to stay relevant in the rapidly evolving financial world. Without proactive involvement, the U.S. may find itself trailing in the future of money and digital currencies.

 

 

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Source: Atlantic Council
Tags: Central Bank Digital CurrenciesCross-Border Payment InnovationCybersecurity in Digital CurrencyDigital Payment SystemsECB Digital EuroFuture of MoneyGlobal Banking TechnologyIndia's Digital RupeeTechnological Advancements in BankingU.S. Federal Reserve
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