Keneci Network (@keneci)

Digital Dollar: United States Federal Reserve Releases Report On Possible Digital Currency While the paper stressed that no final decisions about a digital currency have been reached, the report suggests it is leaning toward having banks and other financial firms, rather than the Fed itself, manage digital accounts for customers. "The introduction of a (central bank digital currency) would represent a highly significant innovation in American money," the study said. The Fed said it "could fundamentally change the structure of the U.S. financial system, altering the roles and responsibilities of the private sector and the central bank." Unlike the online and digital payments that customers already conduct which are funneled through banks, a central bank digital currency would not need such third-party banks. The report comes as bitcoin and other cryptocurrencies proliferate and grow in popularity, and central banks around the world experiment with government-backed digital currencies. China's central bank recently tested a digital version of the yuan. https://www.keneci.com/read-more-hotfeed-on-keneci-channel#h.jzxelvf6wpc6