U.S. legislation proposes that every citizen have an Fed account in which they can store Digital Dollars | WHAT REALLY HAPPENED

U.S. legislation proposes that every citizen have an Fed account in which they can store Digital Dollars

At the beginning of the videoconference the Federal Reserve Bank first focused on the consequences of the COVID-19 pandemic in the sense of increasing the widespread interest of companies as well as individuals in digital services and faster connectivity.

FRB recognizes that some payment technologies are more resilient, scalable and more flexible to respond to such a rapid changes in user’s behavior. At the same time, however, he adds that the Federal Reserve has been evaluating payment technology for some time and also is investing in cloud technology along with initiatives to modernize platforms.

The President and CEO of the Federal Reserve Bank of Cleveland, Loretta J. Mester stated:

Industry’s efforts to replace decades-old core banking systems with more flexible, resilient, and cloud-friendly platforms, and to integrate the old with the new along the way, may need to be accelerated to ensure that we are prepared for the future.

Tags:

Comments

SHARE THIS ARTICLE WITH YOUR SOCIAL MEDIA