• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

TronWeekly

Crypto World News

  • Home
  • Education
    • Best TRON Wallets
    • Beginner’s guide to TRON
  • Opinion
    • Tron Tokens
    • Market Analysis
  • Industry
    • Tron Exchange
    • Project Review
  • Press Release
  • Advertise
  • About us
    • The Team
    • Editorial Policy
    • Write for us
    • Privacy Policy
    • Disclaimer
    • Terms and Conditions
    • Contact
You are here: Home / News / United States Federal Reserve contemplates creating its own token after Libra hiccup
Libra

United States Federal Reserve contemplates creating its own token after Libra hiccup

October 17, 2019 by Ketaki Dixit

Libra’s far-reaching effects are now one of the causes for the United States Federal Reserve to take new steps in dealing with the cryptocurrency world, more specifically by launching its own token.

The Federal Reserve has been mulling over the idea to create a competitor for Facebook’s cryptocurrency after the Mark Zuckerberg led company continues to fight for adoption at different government levels. A cryptocurrency launched by the Federal Reserve is also seen as an initiative to put lawmakers and policy honchos at rest as the overwatch body will be in charge of the token and not a private company.

Multiple officials from within the Fed have given their comments on the issue as well as contemplating the idea of a native token launch. Representative Bill Foster, one of the officials involved in the cryptocurrency aspect, had stated:

“A consumer payments system is a natural monopoly, the same way Microsoft Word is a natural monopoly. No one wants to use some incompatible word processor. … The question arises — shouldn’t it be the U.S. taxpayer and the U.S. government that does it rather than any private firm?”

Another prominent member, Representative French Hill, added:

“None of us know precisely how the digital world will evolve. But it’s important they undertake this kind of preparation work and analysis.”

Almost all financial overwatch bodies have gone through Facebook’s Libra with a fine comb, and the resulting questions are what has put a hold on the official launch of the cryptocurrency. This delay and confusion around the asset have also caused several of its big partners to drop out of contention, with some significant examples being Stripe and MasterCard.

A token released by the regulatory body is an idea that is supported by banking officials, with some claiming that an institutional organization should take the reins than some multi-billion dollar company who may have their own vested interests. This sentiment was also evidenced by Federal Reserve Bank of Philadelphia President Patrick Harker, who stated:

“It is inevitable. I think it is better for us to start getting our hands around it.”

Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

Never miss our daily cryptocurrency news, price analysis, tips, and stories. Join us on Telegram | Twitter or subscribe to our weekly Newsletter.

Filed Under: News Tagged With: Libra, US

Primary Sidebar

Recent Posts

  • TRUMP Token Tanks After Gala Controversy and Congressional Crackdown May 23, 2025
  • Dogecoin Price Not Phased By ETF Delays, Here Are The Price Targets For When It Gets Approved May 23, 2025
  • SEC Reviews TRX Staking ETF Filing as Crypto Investment Interest Grows May 23, 2025
  • XRP Price To See New Highs Soon After $2.50 Reclaim, Is Another PayFi Token Drawing Away Interest? May 23, 2025
  • Dogecoin Breakout Nears $0.30 as Bitcoin Hits New All-Time High May 23, 2025

Footer

News

  • Altcoin News
  • Bitcoin News
  • Blockchain
  • Tron News
  • World

Digest

  • Meet the Founder
  • Price Winning Article
  • DeFi
  • Cyber Security
  • Crypto Scam

Industry

  • Project Review
  • Technology
  • Fintech
  • Tron Exchange
  • New in Town

Tron Universe

  • Event and Tron Parties
  • New in Town
  • Tron Tokens

Follow Us

Subscribe US

Copyright © 2025 · Tron Weekly. All Rights Reserved. NOTE: Tron Weekly is an independent crypto news site that adheres to the strict journalism policy anchored on transparency, trust, and objectivity, we have no affiliation with the TRON Foundation, its founder Justin Sun or any other cryptocurrency firm.