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Digital Dollar Would Have to Coexist With Cash: Fed Chairman

 Jerome Powell today said that a central bank digital currency (CBDC) wouldn’t remove the need for physical cash.

news coming from Tim Copeland via Decrypt

US Federal Reserve Chairman Jerome Powell today indicated that central bank digital currencies (CBDCs), such as a potential “digital dollar”, wouldn’t replace cash.

The Fed is still researching a digital dollar.

“One of the three key principles highlighted in the report is that a CBDC needs to coexist with cash and other types of money in a flexible and innovative payment system,”

CBDCs are different from decentralized digital assets like Bitcoin because they are controlled by one entity: a central bank.

CBDCs have two basic designs: “retail” for peer-to-peer payments, and “wholesale,” intended for banks to buy and sell financial assets and to replace Real Time Gross Settlement (RTGS) systems. 

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