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Powell says The Federal Reserve is [still] evaluating whether to launch a CBDC

CNBC | Jeff Cox | Sep 22, 2021

waiting room - Powell says The Federal Reserve is [still] evaluating whether to launch a CBDC

Main Point:

  • The Fed is pushing ahead with its study into whether to implement its own digital currency and will be releasing a paper on the issue shortly, Chairman Jerome Powell said Wednesday.
  • No decision has been made on the matter yet, he added, and said the Fed does not feel pressured to do something quickly as other nations move forward with their own projects

"We think it's really important that the central bank maintain a stable currency and payments system for the public's benefit. That's one of our jobs," Powell said. He noted the "transformational innovation" in the area of digital payments and said the Fed is continuing to do work on the matter, including its own FedNow system expected to go online in 2023.

See:

The Good, the Bad and the Ugly of Central Bank Digital Coins (CBDCs)

Cryptoassets as National Currency? A Step Too Far

BIS Research: CBDCs beyond borders: results from a survey of central banks

Bank of America says CBDCs could ‘Replace cash completely in the (distant) future’ in Research Note

Ripple Pilots a Private Ledger for Central Banks Launching CBDCs

Canadian researchers develop CBDC digital currency proposal for Bank of Canada

 

Some concerns even have been raised that if the Fed does not act more aggressively, the dollar's position as the global reserve currency could be challenged.

Powell noted the dollar's position in the world and said the Fed is "in a good place" to make a decision on whether to implement its own digital currency. He expressed some concern about the regulatory landscape and said the Fed likely will need congressional permission should it decide to proceed.

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