Federal Reserve Claims Digital Currency is Needed to ‘Maintain the Dollar’s International Standing’

Federal Reserve Claims Digital Currency is Needed to ‘Maintain the Dollar’s International Standing’


The Federal Reserve is rapidly moving toward a digital dollar, using the inflation and economic turmoil as a springboard to enact the cashless society.

Federal Reserve Chairman Jerome Powell made the announcement on Friday that the private central bank is pushing toward a digital dollar.

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“A U.S. CBDC (central bank digital currency) could… potentially help maintain the dollar’s international standing,” he said.

“As we consider feedback…we will be thinking not just about the current state of the world, but also how the global financial system might evolve over the next 5 to 10 years,” Powell added.

He said that the Fed is working at reducing inflation as American workers are crippled by the reduced purchasing power of the dollar.

“To that end

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