{"id":343206,"date":"2021-09-23T15:49:48","date_gmt":"2021-09-23T12:49:48","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/fed-still-undecided-about-digital-dollar-says-chair-jerome-powell\/"},"modified":"2021-09-23T15:49:48","modified_gmt":"2021-09-23T12:49:48","slug":"fed-still-undecided-about-digital-dollar-says-chair-jerome-powell","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/fed-still-undecided-about-digital-dollar-says-chair-jerome-powell\/","title":{"rendered":"# Fed still undecided about digital dollar, says Chair Jerome Powell"},"content":{"rendered":"

“# Fed still undecided about digital dollar, says Chair Jerome Powell <\/strong>”
\n<\/p>\n

The United States Federal Reserve is still evaluating the prospects of introducing a digital currency for the country but says it has not yet decided on the matter.<\/p>\n

Speaking at a news<\/a> conference on Wednesday, Powell stated<\/a> that the Federal Reserve was studying the merits of creating a digital dollar and has plans to issue a paper on the matter.<\/p>\n

\u201cWe are working proactively to issue a CBDC and if so, in what form,\u201d Powell stated while fielding questions at the news conference, adding:<\/p>\n

\u201cWe think it is our obligation to do the work both on public policy and technology<\/a> to form a basis for making an informed decision. The ultimate test we will app<\/a>ly when assessing a central bank digital currency and other digital innovations is are there clear and tangible benefits that outweigh any cost and risks.\u201d<\/p><\/blockquote>\n

Despite several central banks launching their own CBDCs, Powell declared that the Fed was not in a hurry to join the trend.<\/p>\n

According to the Fed Chair, the emphasis is not on speed but on getting things right while stating that the U.S. was not behind the curve on CBDC innovation.<\/p>\n

CBDCs have come to the fore in the anti-crypto narrative espoused by global banking regulators and government policymakers. <\/p>\n

As previously reported by Cointelegraph, HSBC has recently come out in support of CBDCs against cryptocurrencies and stablecoins.<\/p>\n

Related: <\/em><\/strong>Fed governor says CBDCs remain ‘a solution in search of a problem’<\/em><\/strong><\/p>\n

Indeed, crypto critics in Washington like Senator Elizabeth Warren have clamored for CBDCs as \u201clegitimate digital public money\u201d compared to crypto, which the Senator has been known to condemn.<\/p>\n

Earlier in September, Wall Street Journal columnist James Mackintosh argued that CBDCs could trigger \u201cdeeply negative interest rates.\u201d<\/p>\n

Fed governor Chris Waller has previously argued against the value proposition of CBDCs calling them \u201ca solution in search of a problem.\u201d<\/p>\n