Saturday, January 28, 2023

There Will Be No Regulation For Digital Dollar In US In 2023, Says Expert

Key Facts:
  • According to the Atlantic Council, the United States is closely following the development of the digital euro.

  • US politicians are concerned about the use of CBDCs for financial surveillance.

2023 is set to be the year of more growth and development of central bank digital currencies (CBDCs), except in the United States, which still has a long way to go in this regard.

In fact, Michael Greco, director of policy research at the Digital Dollar Project, a group that promotes research on digital currency, assured that next year there will be no regulation for CBDCs in that country.

In his opinion, the debate in the United States Congress will focus on the privacy of digital currencieshe told CoinDesk. Since the latter is an aspect that raises concerns among US politicians.

An example of this is that, earlier in the year, Senator Ted Cruz, along with other allies, introduced a bill that seeks to block the Federal Reserve (Fed) from developing a digital currency that has been described as “financial surveillance”. may be used as “tools by the federal government”.

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Despite the debates taking place in the United States, Greco acknowledged that Digital Dollar Has Potential For The Next Few YearsBut for now the Fed is just waiting for Congress to legislate to give it the go-ahead.

Europe ahead with digital currencies

While the United States is taking small steps, on the European side they are paving the way for A digital currency will be launched between 2023 and 2024As reported by Cryptonoticious.

A few days ago, the European Central Bank (ECB) clarified the role of intermediaries and the distribution model of the digital euro. Likewise, they announced that they expect Finalizing a Regulation for Digital Currency In the second quarter of 2023.

Meanwhile, Josh Lipsky, senior director of the Atlantic Council’s Geoeconomics Center, said CBDCs have made “huge leaps” in other parts of the worldAs it happens in Europe.

Lipsky said the United States will be watching closely what Europe does, as will American policymakers to see how the ECB addresses privacy concerns of digital currencies and how it will interact with the banking system.

Nation World News Desk
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