Cryptocurrency
JPMorgan Says Central Bank Digital FX a Danger to U.S. Power
As reported on Bloomberg, “As the idea of central bank digital currencies starts to gain traction, the U.S. in particular needs to pay attention or risk losing a major aspect of its geopolitical power, according to JPMorgan Chase & Co. “‘There is no country with more to lose from the disruptive potential of digital currency […]
As reported on Bloomberg, “As the idea of central bank digital currencies starts to gain traction, the U.S. in particular needs to pay attention or risk losing a major aspect of its geopolitical power, according to JPMorgan Chase & Co.
“‘There is no country with more to lose from the disruptive potential of digital currency than the United States,’ analysts including Josh Younger, head of U.S. interest-rate derivatives strategy and Michael Feroli, chief U.S. economist, wrote in a report. ‘This revolves primarily around U.S. dollar hegemony. Issuing the global reserve currency and the medium of exchange for international trade in commodities, goods, and services conveys immense advantages.’
“Overall, there’s a reasonable case to be made for central banks to introduce digital currencies, the analysts wrote, though they’re unlikely to have the transformative impact some have hoped…
“…Chairman Jerome Powell said in February that the Federal Reserve was undertaking broad work looking at the issues with regard to a digital currency, while making no commitments….”