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Fed Powell : CBDC Needs To Coexist With Cash And Other Types Of Money
Summary: During a virtual payment meeting hosted by the Basel Committee on Banking Supervision on Thursday, Fed Chairman Jerome Powell said that the central bank digital currency (CBDC) will need to coexist with cash. Powell cited the CBDC report of the Bank for International Settlements and seven central banks, including the Federal Reserve, saying: "one of ...
During a virtual payment meeting hosted by the Basel Committee on Banking Supervision on Thursday, Fed Chairman Jerome Powell said that the central bank digital currency (CBDC) will need to coexist with cash.
Powell cited the CBDC report of the Bank for International Settlements and seven central banks, including the Federal Reserve, saying: "one of the three key principles highlighted in the report is that a CBDC needs to coexist with cash and other types of money in a flexible and innovative payment system. Improvements in the global payments system will come not just from the public sector, but from the private sector as well."
Powell has repeatedly claimed that based on the status of the US dollar as a global reserve currency, the United States will not pursue to be first in launching CBDC.
By Mary Liu
Tags: CBDC,Central Bank,Digital Dollar,Jerome Powell
Link: Fed Powell : CBDC Needs To Coexist With Cash And Other Types Of Money [Copy]
