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The FED Chair, Jerome Powell, Updates Work on the Digital Dollar

by BlockNews Team
October 1, 2022
in Crypto, Finance, Media, Politics, Social
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The FED Chair, Jerome Powell, Updates Work on the Digital Dollar
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According to Jerome Powell, Fed is considering issuing an extensive range of digital dollars. He said the Fed is working with Congress and the executive branch to decide whether to issue a central bank digital currency.

Jerome Powell has called for better regulation of cryptocurrencies and said that market consolidation has not caused significant financial turmoil in the industry may not always be the case.

Digital Dollar Progress

Jerome Powell updated the Central Bank’s work on the digital dollar at a digital finance panel hosted by the Banque de France on Tuesday. According to Jerome,

“Cash is not disappearing here in the United States. We still use cash quite a lot. However, it is declining in absolute terms compared to non-cash payments. It’s declining.”

Powell explains that the Federal Reserve is closely examining the potential costs and benefits of issuing a Central Bank Digital Currency (CBDC) in the United States.

 The Federal Reserve has completed a four-month public consultation seeking input on ​​a digital dollar. FED Vice Chairman Lael Brainard has emerged as a significant supporter, while FED President Chris Waller has countered.

According to Powell,

“As we consider feedback, we will be thinking not just about the current state of the world, but also how the global financial system might evolve over the next 5 to 10 years,”

Ten countries have launched central bank digital currencies. Another 105 are considering the option, according to the Atlantic Council. This raises concerns that the dollar could lose some of its edge over China.

 Powell mentioned key fundamentals that Continue to Underpin the Dollar

These include a commitment to transparency, the rule of law, and 

complete FED independence. Powell reiterated that the Federal Reserve is still considering the idea of ​​a digital currency and does not plan to decide on the issue for some time.

“At the end of the day, we will need approval from both the executive branch and Congress to move ahead with a central bank digital currency,” he said. “So, we see this as a process of at least a couple of years, where we’re doing work and building public confidence in our analysis and our ultimate conclusions, which, as I say, we certainly haven’t reached yet.”

Powell dropped his support for the digital dollar despite Fed officials releasing a digital currency discussion paper in January. Powell told the Cato Institute on 8 September 2022 that the FED would continue to investigate the matter but would do so ideally in the form of concrete legislation without the backing of the White House and Congress. He said it was likely not.

Solutions

Powell suggests that Digital dollars must protect privacy through intermediaries in the financial system, such as banks. This should be broadly transferable; similar to verifiable owner bank accounts, identity verification is used to combat money laundering. Regarding stablecoins, Powell suggests that stablecoins also need to be regulated to ensure they have enough reserves to reach market stability. 

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