At his Senate re-nomination hearing, U.S. Federal Reserve Chair Jerome Powell faced questions about a possible future digital dollar. In May 2021, the Fed Chair said a central bank digital currency (CBDC) paper would be published in the summer. He postponed the date to September in July, but it has not yet been released.
Senator Mike Crapo, the former Chair of the Senate Banking Committee, was concerned about the reasons behind the delay. “Are there problems with sharing this report with Congress and the public, and with what the Fed may be proposing with possibly centralizing a public digital currency?” Crapo asked.
Powell responded that the report should come out in the coming weeks. He said the reason for the delay was the Fed dealing with other issues in the Fall, such as monetary policy taking priority.
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