Bank of America: The United States could generate digital dividends as early as 2025.

In a new statement, Bank of America noted the benefits of US central bank digital currencies, noting that central bank digital currencies are "irreplaceable in today's currencies" and that the United States can generate digital results from 2025. ~

In a statement titled "CBDC in the United States: The First Step on a Long-Term Journey," the bank said in a statement that banking digital cash (CBDC) will be different from digital cash to the public because it is the government's responsibility. Federal Reserve. According to the bank, this means no credit or digital currency income risk. ~

He also said that the United States would benefit from the CBDC's announcement because it could control the status of the US dollar as a global savings, but did not specify how the CBDC would achieve this. ~

"Benefits could include controlling the value of U.S. currency based on global savings, improving cross-border payments, increasing the financial system, and increasing the value of money," says the report.

The bank noted that if bank deposits were transferred to CBDCs, the risk of CBDC over-reporting could include higher risk in the financial sector. In other words, when a bank user suddenly scans his money, he runs out of money. The banks also said CBDCs could reduce "financial management efficiency," meaning the Fed could change how the Fed currently attacks and injects liquidity into the economy to support businesses. The bank said the US should focus on privatizing CBDCs, intermediaries (private companies should provide and retain things like wallets) and move on. Bank of America added in its statement that CBDCs in the United States also need certification to prevent terrorism. ~

The report concludes that the Chinese CBDC “has the greatest potential for adoption and implementation over the next few years.”

Indeed, last Thursday, the Fed took the first step toward a broader search for central bank digital currency. The U.S. Federal Reserve issued a statement on Thursday examining the pros and cons of the potential U.S. central bank CBDC digital currency. It seeks public comment, the first step in the debate on how CBDCs can improve door-to-door payments.

"As we consider the pros and cons of the U.S. central bank's digital currency, we look forward to engaging with the public, elected officials, and other stakeholders," the Fed Chairman said. Mr. Powell. More than 20 interviews with Central Bank digital currency questionnaires were requested for public comment and comments were received 120 days.

In fact, some countries, including China, have started or are in the pilot phase of CBDC activities. American research is also needed. In the past, Fed Presidential Candidate and US Digital Chamber (CDC) Founder and Chair Perianne Boring have discussed the Fed's cryptocurrency regulatory framework and policies. Boring is said to already have tens of thousands of dollars of stable value circulating in the crypto industry today. The Fed is the bottom line in developing its blockchain strategy and truly understands how the Fed will run and the global CBDC ecosystem. The best way for the Fed to work with the private sector is to use the technology developed and used today. I think this is a very good sign and shows that there is a real opportunity for America to continue leading the blockchain ecosystem.