The United States Federal Reserve is still cynical about the efficiency of central bank digital currencies (CBDC). They are still years away from emerging their personal digital currency.

Meanwhile, as per the Bank of America report, digital currency would make the U.S. dollar “remain highly competitive…relative to other currencies.”

The United States House Committee on Financial Services detained a hearing on the assistances and disadvantages of CBDC.

Many individuals who joined the hearing, including Julia Coronado of MacroPolicy Perspectives, stated their view that the U.S. has to be more thoughtful and take a direct role in CBDC.

China is now foremost the race and other states are too making fixed progress. If America endures its laid-back boldness about digital currency, it will miss the chance to choose the future of digital currency.