Fed is evaluating whether to launch a digital currency and in what form, Powell says

0
75

Assessment: China leads the nations having already launched the digital yuan/e-renminbi. The US is behind at least 18 countries in developing a central bank digital currency…

The Federal Reserve is pushing ahead with its study into whether to implement its own digital currency and will be releasing a paper on the issue shortly, Chairman Jerome Powell said Wednesday.

No decision has been made on the matter yet, he added, and said the Fed does not feel pressured to do something quickly as other nations move forward with their own projects.

“He causes all, both small and great, rich and poor, free and slave, to receive a mark on their right hand or on their foreheads”  Rev. 13:16

“I think it’s important that we get to a place where we can make an informed decision about this and do so expeditiously,” Powell said at his post-meeting news conference. “I don’t think we’re behind. I think it’s more important to do this right than to do it fast.”

Powell added the Fed is “working proactively to evaluate whether to issue a CBDC, and if so in what form.” Read More @CNBC HERE

Hits: 10