{"id":14030,"date":"2022-09-29T02:07:49","date_gmt":"2022-09-29T02:07:49","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/fed-chair-jerome-powell-updates-work-on-digital-dollar-says-us-central-bank-digital-currency-will-take-at-least-a-couple-of-years-regulation-bitcoin-news\/"},"modified":"2022-09-29T02:07:49","modified_gmt":"2022-09-29T02:07:49","slug":"fed-chair-jerome-powell-updates-work-on-digital-dollar-says-us-central-bank-digital-currency-will-take-at-least-a-couple-of-years-regulation-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/fed-chair-jerome-powell-updates-work-on-digital-dollar-says-us-central-bank-digital-currency-will-take-at-least-a-couple-of-years-regulation-bitcoin-news\/","title":{"rendered":"Fed Chair Jerome Powell Updates Work on Digital Dollar \u2014 Says US Central Bank Digital Currency Will Take ‘at Least a Couple of Years’ \u2013 Regulation Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Federal Reserve Chairman Jerome Powell says the U.S. central bank is looking at whether to issue a digital dollar with a \u201cvery broad scope.\u201d He noted that the Fed is collaborating with Congress and the executive branch on whether to issue a central bank digital currency.<\/strong><\/p>\n

Fed Chair Powell on Digital Dollar Progress<\/h2>\n

Federal Reserve Chairman Jerome Powell provided an update of the central bank\u2019s digital dollar work Tuesday during a panel discussion on digital finance hosted by Banque of France.<\/p>\n

\u201cCash is not disappearing here in the United States. We still use cash quite a lot,\u201d he began. However, the central banker noted: \u201cIt is declining, not in absolute terms but compared to non-cash payments, it\u2019s declining.\u201d<\/p>\n

Powell explained that the Federal Reserve is looking very closely at \u201cthe potential costs and benefits\u201d of issuing a central bank digital currency (CBDC) in the U.S. He detailed:<\/p>\n

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We are looking at it very carefully. We are evaluating both the policy issues and the technology issues, and we are doing that with a very broad scope.<\/p>\n<\/blockquote>\n

However, Powell clarified: \u201cWe have not decided to proceed and we don\u2019t see ourselves making that decision for some time.\u201d<\/p>\n

The Fed chairman explained: \u201cWe see ourselves as working in collaboration with Congress \u2026 but also with the executive branch which brings expertise to many of the issues that we have to deal with here.\u201d<\/p>\n

He added, \u201cAt 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,\u201d elaborating:<\/p>\n

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We see this as a process of at least a couple of years where we are doing work and building public confidence in our analysis and in our ultimate conclusion.<\/p>\n<\/blockquote>\n

Noting that the Fed has not reached a decision on whether to issue a digital dollar, Powell concluded: \u201cThat\u2019s where we are, we\u2019ve got a lot of work to do.\u201d<\/p>\n

Do you think the Federal Reserve should issue a digital dollar? Let us know in the comments section below.<\/strong><\/em><\/p>\n

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\nKevin Helms <\/h6>\n

\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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