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

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Out of the 195 countries in the world, 130 are looking towards building their own Central Bank Digital Currency (CBDC). Therefore, 98% of the world aims to launch their respective CBDCs, making it easier to settle cross-border transactions. The CBDC’s development gained momentum after the BRICS alliance called for de-dollarization 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.

us dollar usd bill brics currency

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.

Michael Barr, the Federal Reserve’s Vice Chair for Supervision, confirmed that the U.S. might not launch a CBDC currency anytime soon. The Central Bank is “a long way” from deciding whether to issue a CBDC currency, he said. Barr also stressed that launching a USD stablecoin could threaten the financial stability of the American economy in general.

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. “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,” he said.

He added, “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.”

In conclusion, the U.S. will not launch a dollar-based CBDC currency anytime soon. The USD currency remains the de facto trading option for countries and businesses around the world.

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