Digital dollar would destroy commercial banking sector, Wall Street warns

US banking lobbyists have argued against the Federal Reserve – the country’s central bank – developing and introducing a central bank digital currency (CBDC).

Having released a report on the potential of the “digital dollar” in January, the Fed invited and received thousands of comments from individuals and organisations alike.

Chief amongst these were profound criticisms and warnings from Wall Street and national banking groups.

The Washington-based...

Bank of America expects US CBDC launch between 2025 and 2030

US Dollar

The Bank of America (BoA), the US’ second largest bank after JPMorgan Chase, believes a central bank digital currency (CBDC) for the US dollar is “inevitable”, Bloomberg reports.

According to BoA digital asset strategists Alkesh Shah and Andrew Moss, CBDCs represent the next step in the advancement of electronic currencies.

The bank expects a digital US dollar to be rolled out between 2025 and 2030.

Plans for an American CBDC have been bubbling to the...