The introduction of digital currencies by central banks can destroy the financial system

The world’s current financial system could be disrupted by the central bank’s use of digital currencies, Wall Street financial experts say.

At the moment, 86% of the Central Bank is studying the possibility of introducing such currencies. The central banks of China, Russia, Great Britain, and others are studying this concept.

The fact that the issue of the use of digital currency by central banks requires careful consideration since it is not known whether this will benefit people, said the head of the Federal Reserve Jerome Powell.

In addition, the Fed should receive appropriate instructions from Congress for such actions. In any case, the digital dollar in the US will be significantly different from the existing cryptocurrencies and will be under full control and regulation by the Federal Reserve.

According to a survey conducted last year by the Bank for International Settlements, a pilot program for the introduction of digital currency in 14% of central banks is currently in operation or is being developed. At the same time, 60% of banks test this concept.

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