The Federal Reserve Takes Bold Step in Exploring Central Bank Digital Currencies
TAMPA, Fla., Sept. 11, 2023 /PRNewswire-PRWeb/ -- As a leader in fintech, Eaton is always looking toward future innovations in digital technology. However, she cautions, "With the lightning-fast pace of tech development and innovation, there needs to be an investment in infrastructure before its universal adoption. And, while digital currency has been around for over a decade, it is still in its beta-testing phase, especially when it comes to meeting consumer protection expectations."
- The Federal Reserve, the central bank of the United States, is actively delving into the realm of Central Bank Digital Currencies (CBDCs) with an eye toward revolutionizing financial systems and improving accessibility to digital transactions.
- The Federal Reserve Act of 1913 established the Federal Reserve System as the central bank in the United States.
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A central bank digital currency (CBDC) is a digital form of a country's currency issued and backed by the central bank. - Among them, 26% were conducting CBDC pilots, and over 60% were engaged in experiments or proofs-of-concept related to digital currencies.