US Moves Ahead with its CBDC plans

Jerome Powell (chairperson of Federal Reserve), and Paul Ryan, a former speaker of the House, met with Brian Armstrong (CEO, Coinbase). This is even before deciding to publish a document on Central Bank Digital Currencies.

Not only they met, but they organized a meeting for half an hour on May 11th. Currently, Ryan is working with Solamere Capital, and why he was present in the meeting is still unclear. Also, we don’t know the particulars of the meeting. But Coinbase executive mentioned that they discussed regulatory concerns, and clarifications.

He also mentioned Chinese CBDCs can pose a threat to the USA’s financial stability. Therefore, the focus would be given to the development of US CBDCs. Also, he stresses accuracy than being the first in the race.