The Fed is “A-Ok” With Cryptos, Just as Long as Congress is On Board… What’s the Point?

Several countries around the world are already experimenting with central bank digital coins (CBDCs). And as a growing list of major U.S. companies and financial institutions step up to embrace the future of cryptocurrencies, the “independent” central banking system waits for approval from Congress.

If the entire point of digital currency is to be traded and spent without regulation, doesn’t this totally miss the point?

Fed Chair Powell said the Federal Reserve would not proceed with a central bank digital currency without Congressional approval, and current research on the topic is focused on the risks and benefits, with no plans to create a prototype. You can be damn sure if the federal government is behind this process, it’s going to take quite some time.

Commenting on the collaboration with the Massachusetts Institute of Technology’s Digital Currency Initiative, Powell said:

 “[The initiative is] focusing on the capabilities and limitations of technologies, not an attempt to create a prototype. Let’s try to build the basis and see what we learn.”

Instantly transferable to anywhere on the planet, no slippage for fees associated with wires or ACH transactions, and a stable coin. Got it.

Just build the darn thing. And don’t wait for Congress.

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