Yesterday Jerome Powell, Chairman of the Federal Reserve, spoke about the United States’s ongoing research into a central bank digital currency (CBDC) at a virtual congressional hearing with the House Committee on Financial Services.
Powell acknowledged the benefits and risks of a digital dollar but stressed that, in terms of next steps, further discussion in the form of a major public consultation was necessary.
When asked by Congressman Patrick McHenry on the status of a white paper on the digital dollar, Powell responded that “the status of it is we’re working hard on it right now”. Powell expects to publish the report around early September, a delay from the summer target he had previously forecast during a speech in May.
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