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 <p>With the changing tides of international trade, the US Central Bank is reportedly eyeing the creation of a digital dollar as the <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> economic alliance unveiled its <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> Pay system. Indeed, Federal Reserve official Michael Barr discussed the status of a Central Bank digital currency (CBDC) and the Fed’s potential recommendation to the US Central Bank.</p>
 <p>Specifically, Barr has noted that no recommendation has been made. However, he also discussed the need for the agency to continue “learning from both domestic and international experimentation” to aid in the eventual decision. Moreover, the <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> economic alliance has noted two massive developments in the area of digital finance.</p>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="689" src="https://cdn.thebittimes.com/images/2023/10/28/b6be92d05d586660dc4f9893aaa1162e.webp" alt="us dollar bill" class="wp-image-116206" srcset="https://cdn.thebittimes.com/images/2023/10/28/b6be92d05d586660dc4f9893aaa1162e.webp 1024w, https://cdn.thebittimes.com/images/2023/10/28/b6be92d05d586660dc4f9893aaa1162e.webp 300w, https://cdn.thebittimes.com/images/2023/10/28/b6be92d05d586660dc4f9893aaa1162e.webp 768w, https://cdn.thebittimes.com/images/2023/10/28/b6be92d05d586660dc4f9893aaa1162e.webp 380w, https://cdn.thebittimes.com/images/2023/10/28/b6be92d05d586660dc4f9893aaa1162e.webp 550w, https://cdn.thebittimes.com/images/2023/10/28/b6be92d05d586660dc4f9893aaa1162e.webp 800w, https://cdn.thebittimes.com/images/2023/10/28/b6be92d05d586660dc4f9893aaa1162e.webp 1040w" sizes="(max-width: 1024px) 100vw, 1024px">
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   Source: iStock
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 <p><strong>Also Read: Circle CEO Believes Digital Dollar Could Be the Solution to De-Dollarization </strong></p>
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 <h2 class="wp-block-heading" id="h-us-set-to-consider-the-digital-dollar-amid-brics-advancements">US Set to Consider the Digital Dollar Amid BRICS Advancements</h2>
 <p>The year has been a prominent one for the <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> economic alliance, as it has experienced impressive growth. Despite the six-country expansion it agreed to during its 2023 summit, it has also greatly expanded its influence. Subsequently, its multipolar hopes have seemingly found renewed international fervor.</p>
 <p>Now, the US Central Bank is eyeing the creation of a digital dollar amid the arrival of BRICS Pay. Specifically, Federal Reserve official Michael Barr discussed the development and the Fed’s recommendation. Moreover, he discussed the value of learning from whom the technology is rapidly advancing.</p>
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 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="680" src="https://cdn.thebittimes.com/images/2023/10/28/3d459072df57a36b9a647b2b7d3ed49d.webp" alt="us dollar malaysia ringgit currency brics" class="wp-image-115887" srcset="https://cdn.thebittimes.com/images/2023/10/28/3d459072df57a36b9a647b2b7d3ed49d.webp 1024w, https://cdn.thebittimes.com/images/2023/10/28/3d459072df57a36b9a647b2b7d3ed49d.webp 300w, https://cdn.thebittimes.com/images/2023/10/28/3d459072df57a36b9a647b2b7d3ed49d.webp 768w, https://cdn.thebittimes.com/images/2023/10/28/3d459072df57a36b9a647b2b7d3ed49d.webp 1536w, https://cdn.thebittimes.com/images/2023/10/28/3d459072df57a36b9a647b2b7d3ed49d.webp 380w, https://cdn.thebittimes.com/images/2023/10/28/3d459072df57a36b9a647b2b7d3ed49d.webp 550w, https://cdn.thebittimes.com/images/2023/10/28/3d459072df57a36b9a647b2b7d3ed49d.webp 800w, https://cdn.thebittimes.com/images/2023/10/28/3d459072df57a36b9a647b2b7d3ed49d.webp 1160w, https://cdn.thebittimes.com/images/2023/10/28/3d459072df57a36b9a647b2b7d3ed49d.webp 1600w" sizes="(max-width: 1024px) 100vw, 1024px">
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   Source: Dreamstime.com
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 <p><strong>Also Read: Why <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> Pay Presents Such a Threat to the US Dollar</strong></p>
 <p>“Learning from both the domestic and international experimentation can aid decision-makers in understanding how we can best support responsible innovation that safeguards the safety and efficiency of the US payments system,” Barr stated. Additionally, he noted that the agencies continue to gather results from “domestic and international initiatives on CBDCs” in his remarks.</p>
 <p>The arrival of <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> Pay coincides with the recent landmark oil deal that was settled in the digital yuan. Indeed, it has brought forth a clear avenue in which the economic alliance can potentially outmaneuver the United States. Therefore, it is reinforcing its multipolar efforts and lessening international reliance on the US dollar. Especially amid the growing utilization of blockchain technology in global economics.</p>
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 <ul>
  <li>BRICS</li>
  <li>united states</li>
 </ul>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/us-central-bank-eyeing-digital-dollar-to-counter-brics-pay-tbt68226.html">https://thebittimes.com/us-central-bank-eyeing-digital-dollar-to-counter-brics-pay-tbt68226.html</a></p>

US Central Bank Eyeing Digital Dollar to Counter BRICS Pay

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