Jerome Powell, Federal Reserve Chair, discussed the need for the approval of Congress for a digital dollar and its timing. He was talking today during a Banque de France conference.
“We will need approval from both the executive branch and Congress to move ahead with a digital currency,” he said. “So we see this as a process of at least a couple of years where we’re doing work, building public confidence in our analysis, in our ultimate conclusions, which we certainly haven’t reached yet.” This could be interpreted as a decision on a central bank digital currency (CBDC) coming in two years.
That makes sense because he mentioned that the FedNow instant payment system is expected to come online in around a year, which seems a little later than May to July timeframe previously mentioned. An additional year will allow time to assess the impact of FedNow on a CBDC decision.
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