Fed chair Jerome Powell floats idea of centrally controlled digital currency

The US authorities are trying to shore up the global power of their fiat currency, with central bank digital currency (CBDC) now under consideration as one of the tools.

The role of the US dollar in the world economy as a reserve currency is now weaker than ever, for a variety of reasons converging together; so much so that the situation inspired the Federal Reserve Board to organize a first-ever conference on the international roles of the dollar.

One possible under-miner of the dollar’s status in economies around the globe are supposed to be decentralized cryptocurrencies that do not have a central issuing authority.