The Fed’s Chairman pledges a CBDC report “Within Weeks”

During today’s renomination hearing before the Senate Banking Committee, Federal Reserve Chair Jerome Powell stated that a Fed report on central bank digital currencies was expected in the “coming weeks.”

At today’s renomination hearing before the Senate Banking Committee, Federal Reserve Chairman Jerome Powell stated that the central bank’s highly awaited study on CBDCs and stablecoins will be released shortly.

Powell, who President Joe Biden just renominated to lead the United States’ central bank for another four-year term, informed Senator Mike Crapo that the long-awaited study on central bank digital currencies will be published “within weeks.”

Senator Crapo pressed Powell on why the Fed had not delivered its research on central bank digital currencies as promised, citing publishing delays at the Fed.

 Powell responded:

“report really is ready to go, and I would expect we will drop it—I hate to say it again—in the coming weeks…”

Furthermore, the Fed Chair provided some specifics about what Congress and the public might anticipate from the upcoming report, stating that it was more of a “exercise in asking questions and seeking public input rather than taking a lot of positions on various issues.” Nonetheless, Powell stated that the Fed “takes some positions.”

While the nomination hearing focused on more significant economic problems like inflation and interest rates, cryptocurrencies remained a subject. In his opening address, Senator Sherrod Brown (D-OH) warned of the hazards of cryptocurrencies to the US economy. According to Senator Brown, the Fed must “take seriously the systemic risks that threaten our economic progress, such as cryptocurrencies and stablecoins.”

Senator Brown has already stated his worries about cryptocurrencies and stablecoins. Last month, he labeled bitcoin a “new fantasy economy” at a Senate Banking Committee hearing dedicated to stablecoin discussion. He cautioned that stablecoins made it easier for consumers to gamble their money on unpredictable and potentially fraudulent crypto assets.

The Federal Reserve’s report on a central bank digital currency has been eagerly anticipated. In February of last year, Jerome Powell stated that a digital dollar for the United States was a “high priority.”

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Patrick

Coincu News