Federal Chair Jerome Powell discusses digital currency. He says they are testing digital currency and its viability. The U.S. doesn't need to be first but it does need to do it right. There is no expectation to raise interest rates anytime soon as some big sectors of the economy have not fully recovered. These sectors are still suffering and expect to suffer into the near future. Optimism is high and people believe the economy will come roaring back.
Originally I suspect it will still take about 10 years to develop an international digital currency and for companies to adopt new currency methods. Watching this video, and the background activities, I would suspect we are closer than we think. Perhaps we will have an initial currency system within the next 5 years. That will further embed the U.S. into the Digital Economy.
Why is this important for business minded people? Well, it will impact how you will conduct business. Instead of using multiple different systems to exchange money the government will have their own medium of exchange. How you collect money, pay bills, and do other things will be radically different if you can do from your phone as easy as handing someone money.
There is a pretty good discussion of the interview in The Business Journal
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