Florida Gov. Ron DeSantis has warned about the Federal Reserve creating a digital currency that could keep people from purchasing things the government frowns upon. Banking experts agree that he’s overstating the likelihood that such a system could emerge.
that will let businesses and people send and receive payments"in real time, around the clock, every day of the year."
for banks. The benefit, supporters say, is it would be faster and more efficient than existing systems.The second effort the Fed is working on — the possible creation of a central bank digital currency — is not as close to fruition and, in fact, may never happen. And unlike FedNow, it would be akin to physical currency.notes that Americans already hold money predominantly in digital form, such as in bank accounts and payment apps.
"There is no single definitive form" of central bank digital currency, said Hilary J. Allen, an American University law professor. How the system ultimately looks and operates, including the degree of anonymity and government access to data, would reflect a country’s"technological infrastructure, the structure of its existing banking industry, and public attitudes towards privacy, among other things," she said.
Right now, U.S. laws do not permit the kinds of surveillance and control that DeSantis describes, said Gary Richardson, a professor of economics at the University of California-Irvine."It does not allow the central bank to take actions like this," he said.
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