Federal Reserve Chairman Jerome Powell said the central bank had not made the decision to issue a digital currency, citing the need for further work and « extensive public consultation »With stakeholders before doing so
« It is more important for the United States to do it right than to be the first, » Powell said Monday during a panel hosted by the International Monetary Fund at its annual meeting « We are committed to carefully and carefully assess the potential costs and benefits of a central bank digital currency for the US economy and payments system. We have not made the decision to issue a CBDC »
Fed officials have deviated sharply from their previously cautious approach to digital currencies, adopting a large-scale study to determine if this might be a good fit for US Powell said about 80% of central banks in the whole world are exploring the idea, however
« There are many ways that a CBDC can improve the payment system, and it is primarily this area that drives our interest, » said Powell
The central bank announced in August that it was developing experimentation with technologies related to digital currencies.In addition, the Boston Fed is working with researchers at the Massachusetts Institute of Technology to create a hypothetical digital currency for use by the central bank Many policy questions remain unresolved, but these efforts show how seriously the Fed is now taking the project
US central bankers were slow to get to grips with the idea of a digital currency, but their interest picked up after Facebook Inc offered its own unit of exchange for its users Digital currency could change how the world works monetary policy in the economy, as well as speeding up a payments system that remains slow and burdensome for consumers and behind many other countries
Sweden’s central banks in Canada and China are investigating whether their money should have a digital counterpart Sweden launched an e-krona project in 2017 and published two reports on the subject The Bank of Canada launched a project formal research in partnership with other monetary authorities The Bank of Japan announced earlier this month its intention to launch early phase experiments next year
Federal Reserve System, Jerome Powell, digital currency, Chairman of the Federal Reserve of the United States, Bitcoin, cryptocurrency, central bank
News from the world – United States – Powell Says Fed Made No Final Decision on Digital Currency
