Business

Fed Chairman Powell’s Digital Currency Statement

Fed Chairman Jerome Powell spoke about digital currencies at the event organized by the Bank for International Settlements and Payments (BIS).

Powell said in his speech that the Fed is not at the decision stage on the core digital currency project.

“A digital dollar is likely to have big consequences,” Powell said, adding that the Fed does not have to lead the way on core digital currencies.

” NO HURRY ”

By emphasizing that the dollar is the world’s reserve currency, they have an obligation to be at the forefront in understanding technological challenges and said they are exploring the costs and benefits of issuing the central bank’s digital currency.

“Right now, we are not in a decision-making stage. We are experimenting with technology, discussing policy. We don’t need to rush into this project and be first to market, as we are the world’s leading reserve currency,” Powell said. saying.

Expressing that centralized digital currencies offer several benefits but also carry significant risk, Powell stated that they will not advance the core digital money project without the approval of the US Congress.

Powell also mentioned that crypto assets are highly volatile and speculative.

Leave a Reply

Your email address will not be published. Required fields are marked *