It was reported during a conference on November 29 that the Federal Reserve is planning to issue its own cryptocurrency. The president and CEO of the New York branch of the organization William Dudley declared that the Fed was excited of digital currency and tried to examine it. He also added that despite apparent interest to this social and economic phenomenon it was too early to say about introducing such ideas.
Dudley admitted that he understood the fact of immaturity of the plan and voiced concerns for safety of digital currency. Digital currency is, in his view, more risky than stable money.
But other officials are not so certain that idea of issuing of Fed’s own cryptocurrency can spring to life. As Patrick Harker, the President of Fed’s Philadelphia branch, said, using both digital and stable money is only matter of trust. He declared that the world used paper money because of belief that the government supports it.