Fed Nominee: Need for a digital dollar is an "extremely important discussion"

3 min read

Finance Minister Steven Mnuchin was not the only one who made waves in the US Senate this week when it came to the future of currencies. Tom Cotton, a Republican senator from Arkansas, spoke extensively about digital currencies while speaking to the cameras and a candidate for the Federal Reserve Board of Governors, Judy Shelton:

"We need the digital currency a little less, I would argue internally, but rather to preserve the primacy of the dollar worldwide."

When asked how she would protect the dollar as a reserve currency and what this would mean with a digital dollar, CoinDesk said Mrs. Shelton:

"I think this is an extremely important discussion and I agree with your assessment: I think we are forced to think about it."

What Judy Shelton would mean for the Federal Reserve

Mrs. Shelton is one of the two nominees for the fed-up hearings. The other is Christopher Waller, director of research at the Federal Reserve Bank of St. Louis. She has not shrunk from controversy when it comes to her views on currencies and the American economy, which has long advocated a return to the gold standard that has been abandoned in the United States since 1971.

Cotton's comments related to the digital currency initiatives being implemented by both companies and Facebook as well as China's own central bank. Facebook plans to launch their own cryptocurrency Libra in 2020, while the People & # 39; s Bank of China has taken additional steps to digitize the renminbi.

Such actions in the public and private sectors can adversely affect the US economy if it does not keep track of time. A discussion about a digital dollar is certainly very important for the Federal Reserve.

window.fbAsyncInit = function () { FB.init({ appId: ‘1922752334671725’, xfbml: true, version: ‘v2.9’ }); FB.AppEvents.logPageView(); }; (function (d, s, id) { var js, fjs = d.getElementsByTagName(s)(0); if (d.getElementById(id)) { return; } js = d.createElement(s); js.id = id; js.src = “http://connect.facebook.net/en_US/sdk.js”; js.async = true; fjs.parentNode.insertBefore(js, fjs); }(document, ‘script’, ‘facebook-jssdk’)); !function (f, b, e, v, n, t, s) { if (f.fbq) return; n = f.fbq = function () { n.callMethod ? n.callMethod.apply(n, arguments) : n.queue.push(arguments) }; if (!f._fbq) f._fbq = n; n.push = n; n.loaded = !0; n.version = ‘2.0’; n.queue = (); t = b.createElement(e); t.async = !0; t.src = v; s = b.getElementsByTagName(e)(0); s.parentNode.insertBefore(t, s) }(window, document, ‘script’, ‘https://connect.facebook.net/en_US/fbevents.js’); fbq(‘init’, ‘1922752334671725’); fbq(‘track’, ‘PageView’);

Written by

Don Bradman

Leave a Reply

Your email address will not be published. Required fields are marked *