America lags behind in adopting a central bank digital currency

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Updated September 21, 2022 | Published October 21, 2020

2 mins read

As the chairman of the United States Federal Reserve, Powell's words carry a little more gravity when compared to the enthusiastic talk from entrepreneurs and start-up owners.

According to Powell, things are not moving in the right direction and the American government doesn't seem too interested in developing a digital currency.

Specifically, Powell champions the adoption of a central bank digital currency or CBDC for short.

He doesn't seem to be the only one sounding the alarm on a laggard government.

Morgan Creek Digital co-founder Anthony Pompliano has also suggested that time would be of the essence in pushing forward digital currencies.

As it is, the United States has grown comfortable holding to the most powerful currency in the world, but unless this dominance is carried over online, the likely outcome wouldn't be ideal, experts warn.

Pompliano has already explained that China is far ahead of the United States in terms of developing an accessible currency, and even the European Central Bank is mulling the issue.

However, Powell has cautioned that any approach involving a CBDC would require accuracy over speed.

“We have not made a decision to issue a CBDC, and we think there’s a great deal of work yet to be done,” Powell argued.

Tapping into an all-accessible digital currency backed by the federal government would make it safer for casino players to enjoy online gambling as well.

Bitcasino, 1xBit and FortuneJack are just a few of the trustworthy casinos that are likely to be among the early adopters should the American government decide to go ahead with its CBDC.

Recently, the International Monetary Fund (IMF) released an explanatory video looking into what cryptocurrencies are.

Want the chance to win an iPhone 11 Pro? Then take a couple of minutes to complete our CGN survey.

David

David is co-founder of CryptoGamblingNews.com, and has worked in the crypto gambling space since 2015.

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