The United States Federal Reserve is monitoring digital currencies carefully, but not working on its own at the moment. The central banks possibly would not release their own digital currency in the near future. Cryptocurrencies raise a range of concerns, one such is cyber security issues.
As per the agency, the one currency that was for the United States, it would truly have to be digitally secure. It’s one thing to be able to substitute paper currency.
About Facebook’s forthcoming Libra stablecoin, the agency says the venture would need to agree higher standards and regulatory and supervisory expectations specifically due to the social media company’s large user base.
There is a possibility of a pre-eminent cryptocurrency redrawing the current financial landscape — yet noted that as of yet, this has fallen short of becoming a reality.
