Congressional researchers: Lawmakers may want to consider how digital currency legislation could impact USD's reserve status
December 21, 2020, 5:29PM EST
1 min read
Congress's in-house research service says there's no evidence the dollar is losing its place as the dominant reserve currency — but it may benefit lawmakers to look into how digital currency legislation could impact that status.
However, it acknowledged that while "cryptocurrencies remain a small, volatile, and niche market," central bank digital currencies (CBDCs) are on the rise, with 80% of central banks working on an offering, according to a Bank for International Settlements (BIS) survey.
It recommended Congress continue analyzing the dollar's status, especially in relation to economic and technological shifts. "To date, there is no evidence of a shift away from the U.S. dollar as the dominant reserve currency. However, Congress may wish to...consider how legislation in a range of policy areas, including sanctions and digital currency, might impact the dollar’s dominant reserve currency status," the report states.
Legislation containing language for the creation of a digital dollar has been introduced before, but none have moved forward.
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