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....
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On Monday, the International Monetary Fund (IMF) published a report on crypto assets like central bank digital currencies (CBDCs) and global stablecoins (GSCs). Moreover, the IMF also hosted a virtual panel that discussed digital currencies and cross-border payments with the Federal Reserve Chair Jerome Powell. The Fed Chair says as far as a U.S.-issued CBDC is concerned, it is “more important to get it right than to be first.” The IMF held a virtual panel that discussed digital currencies and cross-border payments on Monday morning. The panel was hosted by the IMF managing....
Federal Reserve Chairman Jerome Powell has shared the progress of the Fed’s work on a central bank digital currency (CBDC), the digital dollar. “We are working proactively to evaluate whether to issue a CBDC and, if so, in what form,” he said, adding that he does not believe the U.S. has fallen behind other countries in this area.
Fed Chairman Jerome Powell on Progress of the US CBDC
The U.S. Federal Reserve has not made a decision whether to launch a digital dollar, Fed Chair Jerome Powell revealed on CNBC Wednesday.
He was asked for an update of....
The former Federal Reserve official once again expressed his opposition to a United States central bank digital currency in a Tuesday podcast. Former United States Federal Reserve vice-chair for supervision Randal Quarles discussed central bank digital currencies (CBDC) and the chances of the U.S. adopting such technology in an interview on the "Banking With Interest" podcast Tuesday. Quarles, who is known for his opposition to a CBDC, expressed his skepticism about the so-called digital dollar and predicted the U.S. will not introduce it.Quarles, who served at the Fed from 2017 to 2021,....
The House members asked for clarification on whether the Fed may be considering an “intermediated model” for a digital dollar that could require authorization from Congress. Members of the House Committee on Financial Services have called for Federal Reserve vice chair Lael Brainard to clarify her position on a central bank digital currency ahead of deadlines set by United States President Joe Biden’s executive order on digital assets. In a Wednesday letter addressed to Brainard, 24 Republican lawmakers including ranking member Patrick McHenry requested the Fed vice chair provide answers....
The Fed vice chair told the House Financial Services Committee that a CBDC offers stability, interoperability in increasingly complex economic system. United States Federal Reserve vice chair Lael Brainard submitted a written statement in advance to the Financial Services Committee's virtual hearing, "On the Benefits and Risks of a U.S. Central Bank Digital Currency (CBDC)," that took place Thursday. That was a sound strategic move, considering that more than 25 legislators lined up to ask questions. Brainard’s appearance before the committee came just after the close of the comment period....