Recent comments from Jerome Powell, chairman of the US Federal Reserve Board, indicate that the US government is not particularly interested in the speed of development of the central bank’s digital currency, or CBDC. By contrast, Morgan Creek Digital co-founder Anthony Pomplano believes timing is of the essence.

“They say we might build one in the next two years,” Pompigliano said of Powell’s recent comments to CBDC. “It’s not the next two years,” Bomb said in an October 19 release of his show on YouTube.

“It’s already now, and if they don’t act, the US will lag far behind China because it’s all about accessibility.”
Powell emphasized the importance of accuracy in terms of the speed at which a central bank’s digital currency is issued during a discussion on cross-border payments on Oct.19. “We have not yet made a decision on issuing a central bank digital currency and we believe it still exists. There is a lot of work to be done, ”Powell said, focusing more on building the central bank’s digital currency correctly, rather than winning the digital currency race.

Meanwhile, China is moving forward with CBD and has already begun testing the digital yuan.

Pomliano explained the importance of accessibility. “If I am sitting anywhere in the world, I can use an Internet connection and want a global currency, then I can get yuan or dollars,” he said. Based on Pompliano’s comment, people might be drawn to the simpler solution that China’s CBDC could become if it becomes the dominant digital option before the US gets into the game.

Pomplano joined CNBC for an interview in September 2019 in which he spoke about the importance of the digital US dollar. After a year of attention to CBDCs from several countries around the world, Pompliano’s comments remain valid.

Source: CoinTelegraph