Breaking: FOMC Chair Powell says FOMC is not missing out joining the party on digital currencies
|- Cybersecurity is a massive concern.
- Fed's Powell said I don't want to rule it out.
- SNB's Jordan agrees and says we have an efficient payment mechanism already in Switzerland.
- When talking about Libra Powell says - Libra would need to be held to the highest standards.
- "Libra has a burden of proof to carry" says Powell
When talking about Libra it seems that FOMC Chariman Jerome Powell was slightly sceptical. He said the standard needs to be very very high and sercurity has to be top notch.
Interestingly he did not rule out the mass adoption but he did say it could pose some difficulties.
He was worried about a few things, one of the biggest areas of concern was savings. He said currently if lots of people put thier money into a "digital bank" how would it be lent out to the wider community. So it seems to be a banking issue - How can they control monetary policy if all our money is in digital banks?
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