Fed Chair Jerome Powell spoke to the US CBDC in the Banque de France debate on digital finance, revealing four must-have attributes.
Powell stated in the discussion that the CBDC should have four attributes, first of which Powell said it should be a “mediator.” Second, it should have “privacy protection.” Wells said there has to be This means that the Federal Reserve digital currency will be an identification tool. The details of the decedent and who and where to transfer must be disclosed.
The fourth characteristic is He said they were trying to strike a balance between privacy protection and identity verification.
Powell said that for the Fed to work on the CBDC, approval from both Congress and the administration is needed. He also expects the process to take a few years to complete. This is because they need a valid analysis to come to a conclusion.
“We see this as a process that takes at least two to three years. We are working and reassuring the public in our analysis and in our final conclusions. which as i said We are definitely not there yet.”
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