• Fri. Sep 29th, 2023



The head of the Federal Republic of Feda spoke about the work on the plan for the implementation of CBDC


Oct 24, 2022

The head of the Federal Republic of Feda spoke about the work on the plan for the implementation of CBDC

The head of the US Federal Reserve (Fed) Jerome Powell, at a hearing in the Senate, announced the preparation of the CBDC implementation strategy.

“Digital dollar is what we really need to study. […] Here you need to avoid bias, ”the functionary said.

So Powell reacted to the question of the following steps of the Fed regard to the deployment of CBDC.

“This is a very important potential financial innovation that will affect all Americans. Our plan is to work in the coming years both on the political and the technological side. At some point, we https://gagarin.news/news/solana-exploit-how-to-protect-your-sol-and-usdc/ will turn to Congress with a recommendation, ”he said.

Powell noted that the digital dollar should become the prerogative of the state.

“One of the questions is whether we want a private“ stable coin ”to turn into a digital dollar? I think the answer is not. If we have CBDC, it should be the money guaranteed by the government, ”he explained.

Recall that in January 2022, the Federal Reserve as a report on the results of the study of CBDC. The regulator noted that the appearance of a special digital form will allow the US dollar to maintain the status of the world reserve currency.

Powell later said that the Fed will not continue to study the possibility of launching CBDC without the intervention of the congress.

On March 9, President Joe Biden signed a decree on the coordination of federal agencies in the regulation of cryptocurrencies. The document ordered the department to consider the possibilities, benefits and risks of the release of the digital currency of the Central Bank.

Earlier, the US Treasury issued a report on risks associated with stablecoins. The department saw in “Stable coins” a threat to investors and the integrity of the market, and also requested strict legislative restrictions.

The head of the Fed has repeatedly emphasized that it is important for the United States to not be the first to release CBDC, but to do this with the right approach.

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