During testimony before Congress this week, Federal Reserve Chair Jerome Powell stated that his “mind is open” about the adoption of a “digital dollar.”
Across the globe, central bankers are considering central bank digital currencies (CBDCs) as an alternative to other digital assets — such as cryptocurrencies, which are virtual coins kept anonymous and protected from counterfeiting via encryption, and stablecoins, which are cryptocurrencies that attempt to peg themselves to another asset such as gold or the dollar.
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