U.S. Federal Government does not want to launch its own digital currency until the next 5 years. U.S. Treasury Secretary Steven Mnuchin and Federal Reserve Chairman Jerome Powell announced in a House Financial Services Committee hearing in Washington. “Chair Powell and I have discussed this at length- we both agree that in the next five years, we see no need for the Fed to issue a digital currency,” Mnuchin said. As per a report on this hearing, it identified six “potential emerging threats and vulnerabilities” to financial stability. Unless a solution to these vulnerabilities is found, a digital currency might not be effective.
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