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Chairman of the Federal Reserve Jerome Powell stated that the U.S. central bank would advise Congress on how to promote a future central bank digital currency (CBDC).
Powell told U.S. senators during a monetary-policy hearing on Thursday, in response to a question on the Fed's next steps surrounding the launch of a CBDC, that "it's something we really need to explore as a country" and that "it should not be a partisan thing."
He stated, "This is a very significant potential financial innovation that will touch all Americans. Our plan is to work on both the policy side and the technological side in coming years and come to Congress with a recommendation at some point."
The Federal Reserve produced a study on the subject of a digital dollar earlier this year, and authorities are currently analyzing the answers from the cryptocurrency sector, traditional financial institutions, and investors. These responses will likely inform the Federal Reserve’s ultimate recommendation.
In March, Powell stated that without congressional participation, the Fed would not continue considering the formation of a CBDC.
He said that if the United States introduced a digital dollar, the government would have to issue it, not a private corporation, on Thursday. “One question around CBDCs is do we want a private stablecoin to wind up being the digital dollar? I think the answer is no,” he stated. “If we’re going to have a digital dollar, it should be government-guaranteed money, not private money.”
As part of the central bank’s semiannual monetary policy report to Congress, Powell appeared before the U.S. House Committee on Financial Services.
During his first hearing on Wednesday, Powell advocated for a more robust crypto regulatory structure.