Federal Reserve Chairman Powell has received a statement regarding digital currencies to be issued by the Federal Reserve.
Accordingly, the Federal Reserve will publish a report on the central bank’s digital currency this summer and receive public opinion.
Powell said the Federal Reserve has yet to decide whether to go ahead with the CBDC (Central Bank Digital Currency) business. According to the Federal Reserve, the most important issue here is how digital central bank currencies integrate into the current banking system. This issue will be the most preoccupied topic when discussing central bank digital currencies.
Powell had said in his previous statements that they would not rush about the digital dollar studies.
Speaking of cryptocurrencies, Powell parallels his earlier statements, “Cryptocurrencies will not be used as a method of payment due to rapid changes in value.” He said.
Breaking: The Federal Reserve will release a paper this summer on the “possibility of issuing” a central bank digital currency. pic.twitter.com/aB5AIYQ8iu
CNBC Now (CNBCnow) May 20, 2021
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