Cryptocurrency is here to stay. The Federal Reserve Chairman Jerome Powell has announced that this is most certainly the right time to issue a ‘digital dollar’. The Central Bank of the United States of America is mulling the prospect of introducing a digital currency after a whopping surge in the demand for cryptocurrencies.
According to Powell, the digital dollar will be different from the decentralized cryptocurrencies, but they will be using the same technology. The digital dollar will be controlled by the Federal Reserve Bank of America.
The centralized digital currency is the need of time. It will help in making payments safer, cheaper, and definitely faster because of the proponents of technology which will settle down the complicated procedures involved in normal currency transactions.
Rumors are that China is already testing the version of digital Yuan and as part of the testing project, it has circulated 10 million Yuan (approximately $1.5 million).
This development has followed after the prices of Dogecoin soared to an all-time high, thanks to Tesla’s huge investment.
The rapid rise in the demand of cryptocurrencies has triggered a revolution in the digital business industry. It is here to stay. The sooner it is adopted the better.