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Fed Chair Powell Said The Digital Dollar Must Not "Undermine That Very Healthy Market-based Function"

Mary Liu

Summary: In testimony before the House Financial Services Committee on Wednesday, Fed Chairman Jerome Powell stated that the potential digital dollar must not "undermine" the banking system. Powell is very confident in the existing financial system: "...They're the best markets, and I would say the strongest banks in the world. We need to be careful with ...

In testimony before the House Financial Services Committee on Wednesday, Fed Chairman Jerome Powell stated that the potential digital dollar must not "undermine" the banking system.

Powell is very confident in the existing financial system: "...They're the best markets, and I would say the strongest banks in the world. We need to be careful with our design of the digital dollar that we don't create something that will undermine that very healthy market-based function."He said.

Powell also mentioned the fed's plan for the digital dollar. He added: "This is going to be the year in which we engage with the public pretty actively, including some public events which I'm not going to announce today—but there are things that we're working on."

By Mary Liu

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