CBDCs to coexist with cash payments, according to FED Chairman Powell

CBDCs to coexist with cash payments, according to FED Chairman Powell

The Committee on Payments and Market Infrastructures conference was held in Basel, Switzerland. One of the main guests was the Chairman of the U.S. Federal Reserve, Jerome Powell. Referring to a report created by the institution he chairs and other banking institutions, Powell said: A recent report from the Bank for International Settlements (BIS) and […]


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Better to get it right than to be first with CBDC, says US Fed chair

The U.S. already has a “safe and active dynamic domestic payment system,” Powell argued. The United States will not be issuing a digital dollar until the Federal Reserve resolves all questions around a potential central bank digital currency, or CBDC, according to the Fed's chairman, Jerome Powell.Powell claimed that he is not worried about other countries having a first-mover advantage when it comes to issuing CBDCs.Speaking at an Oct. 19 panel on cross-border payments hosted by the International Monetary Fund, Powell said:We have not made a decision to issue a CBDC, and we think there’s....