Categories: Finance

Jerome Powell: “US Federal Reserve to Release Digital Dollar Report Soon”

Jerome Powell: “US Federal Reserve to Release Digital Dollar Report Soon”

The US Federal Reserve Chairman said that the regulator is preparing for publication a report on the digital dollar, which will indicate the government’s position on the release of the state cryptocurrency.

The US Federal Reserve System (FRS) will soon release a report on the advantages and disadvantages of the digital dollar. According to Fed Chairman Jerome Powell, no decision has yet been made to issue a state cryptocurrency, and the government’s priority task is to maintain the stability and reliability of the US payment system.

Cryptocurrency enthusiasts and representatives of the financial industry have long awaited the Fed’s report, which was originally planned to be released in the summer. It is expected to describe the government’s position on whether the United States should issue a digital dollar.

“We are actively working on assessing the need for a government cryptocurrency and its possible form,” Powell said at a press conference following the conclusion of a two-day meeting of the US Federal Reserve.

According to him, the final decision of the regulator on this issue will be influenced by the presence of clear and tangible benefits of issuing a digital dollar, which outweigh any costs and risks.

In April, the Fed chairman said China’s efforts to develop the digital yuan would not push the United States into a race to release a government-owned cryptocurrency. A month later, he said the US is seeking to lead the way in developing standards for central bank digital currencies.