Federal Reserve Chairman Jerome Powell said the Federal Reserve plans to advise Congress on how to develop a central bank digital currency (CBDC).
When asked about the Fed’s next steps regarding a CBDC rollout, Powell told US lawmakers. In considering monetary policy on Thursday that “As a country It’s something we really have to explore.”
“It’s a financial innovation with significant potential. This will affect all Americans,” he said. “Our plan is to work on both policy and technology over the next few years. and bring it to Congress with advice on some issues.”
In March, Powell said the Fed would not continue its exploration of a CBDC launch without congressional intervention. and on thursday He noted that if the US will launch digital dollars It must be issued by the government instead of a private company.
“One of the questions about the CBDC is whether we want the stablecoin of a private company. Has it become a digital dollar? I think the answer is no,” he said. It should be government-certified money. not from a private company.”
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