Looking forward, rapid changes are taking place in the global monetary system that may affect the international role of the dollar in the future. Most major economies already have or are in the process of developing instant, 24/7 payments,” Powell said. “As the Fed’s white paper on this topic notes, a U.S. CBDC could also potentially help maintain the dollar’s international standing… The Fed recently wrapped up its four-month consultation with the public about a digital dollar. “As we consider feedback … we will be thinking not just about the current state of the world, but also how the global financial system might evolve over the next 5 to 10 years,” according to Powell. The U.S. is a step behind on CBDCs, with ten countries having already launched their own versions and another 15 in pilot stages, according to the Atlantic Council’s Central Bank Digital Currency Tracker. “105 countries, representing over 95 percent of global GDP, are exploring a CBDC,” the tracker said. “In May 2020, only 35 countries were considering a CBDC. A new high of 50 countries are in an advanced phase of exploration (development, pilot, or launch).” – SOURCE (Related Video)

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