The central bank of the United States has been working on developing a digitized dollar. This move by the U.S indeed shows that they want to challenge the Chinese digital currency.
Recently, the Federal Reserve chairman stated the country's intention to create digital dollars but didn't reveal much information to the media the project. However, their actions showed them as just investigating the chances of the Chinese digital currency.
But, the Federal Reserve governor stated that the COVID-19 pandemic exposed how the country was lagging behind as regards digital assets remittances.
He further added that the pandemic revealed the significance of an adaptable and acceptable remittance system that can be accessed by all citizens of the country.
The reserve governor also mentioned that the Boston branch of the Federal Reserve is partnering with researchers from the Noble Institute of Technology in Massachusetts. The partnership will help develop and test the postulated digital currency accustomed to the central bank's use.
Source: News.bitcoin
