The central bank of the United States has been looking into a digital currency that will remodel the country's remittance sector.
The CEO of the Federal Reserve bank of Cleveland has disclosed information regarding their study into the probable digital currency.
While delivering an address yesterday, Loretta Mester stressed that the bank has been looking into digital currency before the Coronavirus outbreak.
She also stated actions from the bank's provincial branches, including a collaboration between MIT and the Boston branch of the bank, together with the partnership Bank of International Settlements and the bank's New York station.
Notwithstanding the current study, she explained that the actions do not prove that the bank has decided to take up the digitized currency.
Loretta expressed that the Corona Virus outbreak has caused significant changes to the United States' critical systems and sectors, including the remittance sector, and has caused considerable modifications to the method and quantity of local transactions.
Furthermore, she reiterated the significance of investing to ensure that the remittance sector stays reliable and flexible, even in difficult situations.
Source:Cointelegraph
