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 <p>Around 98% of the world is looking to launch a Central Bank Digital Currency (<a rel="noopener noreferrer nofollow" title="CBDC" href="https://thebittimes.com/tag/cbdc.html">CBDC</a>) ushering into a new era in the financial world. Out of the 198 countries in the world, 130 nations are currently working on <a rel="noopener noreferrer nofollow" title="CBDC" href="https://thebittimes.com/tag/cbdc.html">CBDC</a> and launching pilot test runs. The US is disinterested in turning the dollar into a <a rel="noopener noreferrer nofollow" title="CBDC" href="https://thebittimes.com/tag/cbdc.html">CBDC</a> digital currency despite de-dollarization threats from <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a>. The development of <a rel="noopener noreferrer nofollow" title="CBDC" href="https://thebittimes.com/tag/cbdc.html">CBDC</a>s gained momentum after <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> called for de-dollarization initiatives early this year convincing developing countries to end reliance on the US dollar.</p>
 <p><strong>Also Read: <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> Is Now Richer Than G7 Countries</strong></p>
 <p>Will the US initiate a CBDC program to thwart the threat of de-dollarization from BRICS to keep the dollar afloat? In this article, we will highlight what the Federal Reserve has to say about launching a US dollar CBDC currency.</p>
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 <h2 class="wp-block-heading" id="h-us-dollar-will-not-turn-to-cbdc-despite-brics-de-dollarization-initiatives">US Dollar Will Not Turn to CBDC Despite BRICS De-Dollarization Initiatives</h2>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="570" src="https://cdn.thebittimes.com/images/2023/10/18/a1fa7162e79e81b20264dd3836a43c65.webp" alt="US Dollar CBDC Digital USD Currency brics" class="wp-image-111241" srcset="https://cdn.thebittimes.com/images/2023/10/18/a1fa7162e79e81b20264dd3836a43c65.webp 1024w, https://cdn.thebittimes.com/images/2023/10/18/a1fa7162e79e81b20264dd3836a43c65.webp 300w, https://cdn.thebittimes.com/images/2023/10/18/a1fa7162e79e81b20264dd3836a43c65.webp 768w, https://cdn.thebittimes.com/images/2023/10/18/a1fa7162e79e81b20264dd3836a43c65.webp 380w, https://cdn.thebittimes.com/images/2023/10/18/a1fa7162e79e81b20264dd3836a43c65.webp 550w, https://cdn.thebittimes.com/images/2023/10/18/a1fa7162e79e81b20264dd3836a43c65.webp 800w, https://cdn.thebittimes.com/images/2023/10/18/a1fa7162e79e81b20264dd3836a43c65.webp 1050w" sizes="(max-width: 1024px) 100vw, 1024px">
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 <p>The Board of Governors at the Federal Reserve Michelle Bowman remains unconvinced about the US dollar’s need for <a rel="noopener noreferrer nofollow" title="CBDC" href="https://thebittimes.com/tag/cbdc.html">CBDC</a> currency. She questioned the idea of a <a rel="noopener noreferrer nofollow" title="CBDC" href="https://thebittimes.com/tag/cbdc.html">CBDC</a> for the dollar articulating that it does little to nothing to help the US economy. Bowman said that instant payments are already in place and <a rel="noopener noreferrer nofollow" title="CBDC" href="https://thebittimes.com/tag/cbdc.html">CBDC</a>s will not solve any issues plaguing the financial sector.</p>
 <p><strong>Also Read: U.S. Funding 2 Foreign Wars Despite Being $33 Trillion in Debt</strong></p>
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 <p>She also called <a rel="noopener noreferrer nofollow" title="CBDC" href="https://thebittimes.com/tag/cbdc.html">CBDC</a>s <strong>“significant risks and tradeoffs”</strong> like disrupting the traditional banking system. <strong>“I have yet to see a compelling argument that a US <a rel="noopener noreferrer nofollow" title="CBDC" href="https://thebittimes.com/tag/cbdc.html">CBDC</a> could solve any of these problems more effectively or efficiently than alternatives, or with fewer downside risks for consumers and the economy,”</strong> she said. “<strong>The potential benefits of a U.S. <a rel="noopener noreferrer nofollow" title="CBDC" href="https://thebittimes.com/tag/cbdc.html">CBDC</a> remain unclear,”</strong> Bowman summed it up.</p>
 <p><strong>Also read: BRICS: Payments in U.S. Dollar Decline By 25% For R</strong><strong>ussian Oil</strong></p>
 <p>However, the Federal Reserve governor has called for more research into CBDCs and asked Central Banks to monitor the developments. In conclusion, the US dollar will not become CBDC at the moment and will not take on BRICS de-dollarization efforts.</p>
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<div class="cs-entry__tags">
 <ul>
  <li>BRICS</li>
  <li>CBDC</li>
  <li>US DOLLAR</li>
 </ul>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/us-dollar-to-become-cbdc-challenge-brics-de-dollarization-efforts-tbt66859.html">https://thebittimes.com/us-dollar-to-become-cbdc-challenge-brics-de-dollarization-efforts-tbt66859.html</a></p>

US Dollar To Become CBDC & Challenge BRICS De-Dollarization Efforts?

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