During a keynote address on Wednesday, Loretta Mester discussed the possibilities of rolling out central bank digital currencies or CBDC.
The idea is not entirely new and the Board of Governors has already been studying the opportunity, as well as building and testing a range of distributed ledger platforms.
By experimenting with the technology, Mester noted, it would be able to acquire a better understanding of its limits and capabilities.
Federal Reserve branches have already signed up important partnerships with leading technological institutions, including the Massachusetts Institute of Technology (MIT).
However, the researching of the potential benefits of a digital currency doesn’t necessarily mean that the Feds are looking to adopt it.
That’s the exact same message Mester delivered.
There have been extenuating circumstances, of course, which have precipitated the research of such technology.
Mester had this to say about the COVID-19 pandemic:
“The spread of COVID-19 heightened the reliance of businesses and individuals on digital services and faster connectivity, as many employees began to work from home and consumers turned to online shopping.”
Blockchain gaming platforms have been particularly successful during the lockdown, defying expectations and attracting healthy interest from players.
Leveraging the power of blockchain gaming, these platforms have had time not only to reinforce their offers, but to also launch several charity initiatives as well.