Reserve

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<div class="watcher-guru"> 
 <p>Out of the 195 countries in the world, 130 are looking towards building their own Central Bank Digital Currency (<a rel="noopener noreferrer nofollow" title="CBDC" href="https://thebittimes.com/tag/cbdc.html">CBDC</a>). Therefore, 98% of the world aims to launch their respective <a rel="noopener noreferrer nofollow" title="CBDC" href="https://thebittimes.com/tag/cbdc.html">CBDC</a>s, making it easier to settle cross-border transactions. The <a rel="noopener noreferrer nofollow" title="CBDC" href="https://thebittimes.com/tag/cbdc.html">CBDC</a>’s development gained momentum after the <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> alliance called for <a rel="noopener noreferrer nofollow" title="De-dollarization" href="https://thebittimes.com/tag/de-dollarization.html">De-dollarization</a> early this year. Large-scale usage of digital currencies approved by the central banks of developing countries could put the U.S. dollar in jeopardy.</p> 
 <p><strong>Also Read: BRICS: Saudi Arabia Will Become the Next Europe, Says MBS</strong></p> 
 <p>So will the U.S. also launch a digital dollar to be ahead of other CBDCs and the onslaught from BRICS? In this article, we will highlight the Fed’s stance on launching a U.S. dollar-powered CBDC currency.</p> 
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 <h2 class="wp-block-heading" id="h-brics-will-u-s-launch-cbdc-currency-amp-challenge-de-dollarization">BRICS: Will U.S. Launch CBDC Currency &amp; Challenge De-Dollarization?</h2> 
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  <img decoding="async" width="1024" height="570" src="https://cdn.thebittimes.com/images/2023/09/11/a1fa7162e79e81b20264dd3836a43c65.webp" alt="US Dollar CBDC Digital USD Currency brics" class="wp-image-111241" srcset="https://cdn.thebittimes.com/images/2023/09/11/a1fa7162e79e81b20264dd3836a43c65.webp 1024w, https://cdn.thebittimes.com/images/2023/09/11/a1fa7162e79e81b20264dd3836a43c65.webp 300w, https://cdn.thebittimes.com/images/2023/09/11/a1fa7162e79e81b20264dd3836a43c65.webp 768w, https://cdn.thebittimes.com/images/2023/09/11/a1fa7162e79e81b20264dd3836a43c65.webp 380w, https://cdn.thebittimes.com/images/2023/09/11/a1fa7162e79e81b20264dd3836a43c65.webp 550w, https://cdn.thebittimes.com/images/2023/09/11/a1fa7162e79e81b20264dd3836a43c65.webp 800w, https://cdn.thebittimes.com/images/2023/09/11/a1fa7162e79e81b20264dd3836a43c65.webp 1050w" sizes="(max-width: 1024px) 100vw, 1024px"> 
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    marketwatch.com / GETTY IMAGES/ ISTOCKPHOTO 
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 <p>Michael Barr, the Federal Reserve’s Vice Chair for Supervision, confirmed that the U.S. might not launch a <a rel="noopener noreferrer nofollow" title="CBDC" href="https://thebittimes.com/tag/cbdc.html">CBDC</a> currency anytime soon. The Central Bank is “a long way” from deciding whether to issue a <a rel="noopener noreferrer nofollow" title="CBDC" href="https://thebittimes.com/tag/cbdc.html">CBDC</a> currency, he said. Barr also stressed that launching a USD stablecoin could threaten the financial stability of the American economy in general.</p> 
 <p><strong>Also Read: BRICS: What Happens if Saudi Arabia Stops Accepting US Dollar for Oil?</strong></p> 
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 <p>Launching a USD-based stablecoin <strong>“could pose significant risks to financial stability, monetary policy, and the U.S. payments system,”</strong> Barr said.</p> 
 <p>Barr exclaimed that the Federal Reserve has made no decision on issuing a CBDC but might consider exploring the option only if Congress allows it. <strong>“The Federal Reserve has made no decision on issuing a CBDC. (We) would only proceed with the issuance of a CBDC with clear support from the executive branch and authorizing legislation from Congress,”</strong> he said.</p> 
 <p><strong>Also Read: BRICS: Top Oil Trader Predicts Future of the U.S. Dollar</strong></p> 
 <p>He added,<strong> “Investigation and research are very different from decision-making about next steps in terms of payments system development, and we are a long way from that.”</strong></p> 
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 <p>In conclusion, the U.S. will not launch a dollar-based <a rel="noopener noreferrer nofollow" title="CBDC" href="https://thebittimes.com/tag/cbdc.html">CBDC</a> currency anytime soon. The USD currency remains the de facto trading option for countries and businesses around the world.</p> 
</div> 
<div class="cs-entry__tags"> 
 <ul> 
  <li>BRICS</li> 
  <li>CBDC</li> 
  <li>De-dollarization</li> 
  <li>US DOLLAR</li> 
 </ul> 
</div> 
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/us-to-launch-cbdc-currency-to-confront-brics-de-dollarization-tbt62267.html">https://thebittimes.com/us-to-launch-cbdc-currency-to-confront-brics-de-dollarization-tbt62267.html</a></p>

US to Launch CBDC Currency To Confront BRICS De-Dollarization?

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