Bank of America: U.S. digital currency could maintain dollar dominance

time:2022-01-25 03:30 source:Internet

In a report titled "U.S. Central Bank Digital Currency: A First Step in a Long Journey," Bank of America said a central bank digital currency (CBDC) would be different from existing digital currencies for the masses because it would be the Fed's Liability, which would mean the digital currency has no credit or liquidity risk. The United States will benefit from the issuance of a CBDC, as it has the potential to maintain the dollar’s status as the world’s reserve currency. The report also said that a US CBDC is expected to be issued between 2025 and 2030, with potential benefits including maintaining the US dollar’s status as the world’s reserve currency, improving cross-border payments (2Q21, the average remittance of $200 from the US) cost is 5.4% of transaction value), increasing financial inclusion (about 5% of U.S. households were unbanked in 2019), and leveraging the new use cases that digital currencies offer.

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