A Crypto U.S. Dollar Could Boost Global Reserve Status of Traditional Greenbacks, Says New Fed Report

·4 min read
A Crypto U.S. Dollar Could Boost Global Reserve Status of Traditional Greenbacks, Says New Fed Report

Last Thursday, Jan. 20, the U.S. Federal Reserve issued its long-awaited discussion paper that lays out the debate for whether the U.S. should consider deploying its own cryptocurrency in the form of a central bank digital currency (CBDC). What is a CBDC? A CBDC refers to the virtual form of fiat money built on a private blockchain that's run or authorized by a government in support of its country's official currency.

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