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Fed Chair Jerome Powell Updates Work on Digital Dollar — Says US Central Bank Digital Currency Will Take ‘at Least a Couple of Years’

Fed Chair Jerome Powell Updates Work on Digital Dollar — Says US Central Bank Digital Currency Will Take ‘at Least a Couple of Years’

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Federal Reserve Chairman Jerome Powell says the U.S. central bank is considering whether to issue a digital dollar with “very broad coverage.” He noted that the Fed is working with Congress and the executive branch to launch a central bank digital currency.

Federal Reserve Chairman Powell on the development of the digital dollar

Federal Reserve Chairman Jerome Powell on Tuesday provided an update on the central bank’s digital dollar work at a panel discussion on digital finance hosted by the Banque of France.

“Cash is not going away here in the US. We still use quite a lot of cash, he began. However, the central banker noted: “It’s going down, not absolutely, but compared to non-cash payments, it’s going down.”

Powell explained that the Federal Reserve is very closely examining the “potential costs and benefits” of issuing a central bank digital currency (CBDC) in the United States.

We are looking at it very carefully. We evaluate both policy issues and technology issues, and we do so very broadly.

However, Powell clarified: “We have not decided to continue, and we don’t see ourselves making that decision for some time.”

The Fed chairman explained, “We see ourselves working with Congress … but also with the executive branch, which brings expertise to many of the issues that we have to deal with here.”

He added: “Ultimately, we need approval from both the executive branch and Congress to move forward with a central bank digital currency.”

We see this as a process of at least a couple of years, where we work and build public trust in our analysis and final decision.

Noting that the Fed hasn’t gotten around to issuing a digital dollar, Powell noted, “Here we are, we’ve got a lot of work to do.”

Should the Federal Reserve issue a digital dollar? Let us know in the comments section below.

Source: Bitcoin.com



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