According to a statement by Federal Reserve Chairman Jerome Powell, the Fed will propose to Congress on the digital central bank money (CBDC) project.
Fed Chairman Powell, while making statements about monetary policies before Congress, also spoke about digital central bank money.
be issued by the Fed. possible a CBDC project, “A hugely important financial innovation that will impact all Americans.” Powell, who defines it as “partisanship” He said it shouldn’t be done.
“We should consider this as a country, as a whole.” said Powell, “We plan to work on both the political and technological side of this in the coming years and at some point present a proposal to Congress.” he added.
The Fed continues its research on how to develop an official digital dollar. Fed officials, who published a report on the subject earlier this year, are assessing the returns from both the cryptocurrency community and more traditional financial companies.
According to the statements made by Powell, if this project is to be implemented, not a private company, but the government itself will be.
Answering Congress’ questions, Powell said, “One of the question marks about CBDCs is that a stablecoin developed by a private company digital dollar whether we want it to become I think the answer to that question is no.” said and “If we’re going to have a digital dollar, it should be a government-guaranteed money, not a private one.” made a statement.