Federal Reserve Chairman: We will soon release a report on the launch of the central bank currency CBDC
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Answer Federal Reserve Chairman: We will soon release a report on the launch of the central bank currency CBDC
Federal Reserve Chairman Jerome Powell – who has appointed many economic watchers to focus on him and what he says – said that they have begun studying whether to launch their own central bank digital currency, and will soon release a paper on this issue.
Possibility of issuing digital currency to the United States of America:
confirmed “Powell” that investigations and studies are underway regarding the study of the issuance of the CBDC digital currency in an interview with “CNBC” last Wednesday.
The Chairman said:
We are proactively evaluating whether to issue a central bank digital currency.Read:The European Union agrees to a tighter regulatory framework for the crypto space
He followed his statement with a promise to publish a discussion paper on the subject in the near future, in which the Fed would publicly communicate with elected officials about the policies surrounding such a project.
In July, Powell spoke about the measure, adding that the report would cover the general cryptocurrency landscape, including private currencies, stablecoins, and central bank digital currencies.
Despite Powell’s interest in digital innovation in terms of digital currencies, he is also in no hurry to broadcast his decision on the plan to issue digital currency to the central bank, and stated that:
I think it’s important that we get to a place where we can make an informed decision about this and do it quickly.
I don’t think we are retarded.
I think it’s more important to do it right than to do it quickly.
The Chairman adds that the Fed’s primary goal is to benefit the public with a stable currency and a modern payment system.
Benefits of a CBDC digital currency:
CBDC research is conducted by the Federal Reserve in cooperation with the Boston Federal Office and MIT.Read:The Central Bank of China “PBoC” cooperates with Alibaba Group to create a platform that supports the digital yuan
Federal Reserve Governor Lil Brainard said last month:
A CBDC has the potential to quickly provide liquidity to the public during an economic downturn.
President Powell points out that CBDCs could also be a solution to the largely unregulated world of private cryptocurrencies that currently exist.
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