Categories: Market

The Fed has not yet made an official decision on whether to issue a digital currency

The Fed has not yet made an official decision on whether to issue a digital currency

Federal Reserve Bank of the United States (Fed) Chairman Jerome Powell stressed the role of studying the necessary legal factors before officially issuing a digital currency.

Federal Reserve Bank (Fed) Chairman Jerome Powell. (Source: AFP / VNA)

On July 15, Federal Reserve Bank of America (Fed) chairman Jerome Powell said there had been no official decision on the benefits and costs of issuing a Fed-backed digital currency (CBDC).

In a hearing on CBDCs before the U.S. Senate Banking Committee, Mr. Powell said it was the responsibility of the Fed to study the technology and policies of digital currency issuance in the years to come.

According to Fed executives, this is what the bank needs to do to be ready to give instructions when needed. In order to issue a CBDC, the Fed needs broad support in society in general and in the US Congress in particular.

Mr. Powell also highlighted the role of researching the legal factors required prior to issuing digital currencies.

Mr Powell’s comments come as the Fed plans to seek written comments this summer on the benefits and risks of a CBDC issue. Many large banks are testing or investigating digital currency issuance.

Earlier it was reported that the Fed was working on developing its own digital currency this summer.

While the US Federal Reserve has not released any specific plans for the currency, Chairman Jerome Powell has noted advances in payment technology and said the Fed has “carefully monitored and adjusted” these innovations.

Kieu Trang

Vietnam +

.

Coincu

Recent Posts

Ethereum Whales Rotate to PropiChain, Predicting Gains beyond XRP and Cardano in 2025

Ethereum Whales are shifting their focus to PropiChain without considering XRP and Cardano amidst their…

1 hour ago

Best Altcoins to Buy Today: Qubetics Promises 64k% ROI, Analysts Predict Binance to Hit $2K as Monero Looks to Break Away

Discover the best altcoins to buy today! Qubetics promises 64k% ROI, Binance Coin eyes $2K,…

2 hours ago

Best Coins to Buy Now: Qubetics Sells 200M Tokens to Raise Over $2.7M as Cardano and Avalanche Look to Strengthen Bullish Trend

Best Coins to Buy Now: Qubetics presale raises $2.7M with 200M tokens sold as Cardano…

5 hours ago

Pepeto’s $600K Presale Highlights Vision for Supporting Memecoins Ahead of 2025

London, united kingdom, 22nd November 2024, Chainwire

7 hours ago

Robinhood Exec Dan Gallagher Declines SEC Leadership Role

Robinhood Exec Dan Gallagher declined consideration to lead the SEC, affirming his commitment to Robinhood…

7 hours ago

Best Cryptos to Buy in November 2024: What Sets Qubetics Apart from Fantom and Immutable X?

Discover why Qubetics, Fantom, and Immutable X are the best cryptos to buy in November…

8 hours ago

This website uses cookies.