Central Banks Can’t Ignore Crypto Or Digital Fiats: Report

Cryptocurrency is the new innovation in payments and definitely one of the technologies that are shaping up the 21st century as we know it. According to new reports, central banks and financial authorities know this already and are increasingly turning their attention to cryptocurrencies and digital fiats.

As Bloomberg reports, the American Federal Reserve is “dragging its feet” on digital fiat-related matters, establishing a “real-time” payment system “five to six years off.” 

The news agency is in the cryptocurrency regulation news today – showing a full report quoting Tobias Adrian, who is the director of the International Monetary Fund (IMF) and the monetary and capital markets department. As Adrian stated:

“In the United States, and other countries around the world, it is just a matter of time before we see massive disruption. There is at least the potential that new technology might lead to a new global payment system fairly rapidly.”

He also added that economists like “innovation and competition” which is why central banks are turning to crypto.

Meanwhile, reports from Coindesk show that the Federal Reserve Bank of Dallas and its President Rob Kaplan said that the Fed “did not decide to pursue or drive to develop a digital currency, but it’s something we’re actively looking at and debating.
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” Kaplan also said that “the dollar may not be the world’s reserve currency forever” and explained:

“People around the world are working really hard to try to find alternatives to dollars and dollar infrastructure because the more they’re invested in that, the more susceptible they are to sanctions, tariffs and what’s going on right now.”

As we reported in the cryptonews in August, the Federal Reserve is seriously considering to develop a new and faster payments system for domestic use in the US. 

Meanwhile, the outspoken crypto activist and co-founder of Morgan Creek Digital, Anthony Pompliano, wrote a newsletter recently and said that the “idea of the United States creating a digital dollar is gaining steam” among the leading politicians in the country.

Besides the central banks in the US, the northern neighbour of the country Canada is also mulling a digital fiat project. According to reports by The Logic, Bank of Canada already introduced a digital Canadian dollar in a report, explaining it as one that would help the financial authority “combat the ‘direct threat’ of cryptocurrencies and collect more information on how people spend their money.”