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Federal Reserve Chairman Says Digital Dollar Is Still Years Away
Summary: U.S. Federal Reserve Chairman Jerome Powell stated that the Central Bank feels no need to be the first-mover when it comes to central bank digital currencies because of the dollar's global power. Powell spoke during an online event hosted by Princeton University. Powell stated that it will be years before the US central bank releases a ...
U.S. Federal Reserve Chairman Jerome Powell stated that the Central Bank feels no need to be the first-mover when it comes to central bank digital currencies because of the dollar's global power.
Powell spoke during an online event hosted by Princeton University. Powell stated that it will be years before the US central bank releases a digital dollar, despite the rapid CBDC developments coming out of nations like China.
Powell went on to say that despite the delayed timeline the Fed is investing heavily in understanding the technology and looking into policy issues that CBDC pose. Additionally, Powell awknowledged that the private sectors power to create digital assets like cryptocurrencies is what pushed the reserve into investigating a digital dollar.
By Emily Mason
Tags: CBDC,CBDCs,CENTRAL BANK DIGITAL CURRENCIES,Federal Reserve,Jerome Powell
Link: Federal Reserve Chairman Says Digital Dollar Is Still Years Away [Copy]
