Fed’s Powell Says CBDC Report Coming ‘Soon’

The chair initially said the report would come out at the beginning of summer. Then he said it would come out in September. When asked if that was still happening, he said it would come ”soon.”

AccessTimeIconSep 22, 2021 at 9:32 p.m. UTC
Updated May 11, 2023 at 4:52 p.m. UTC

The Federal Reserve’s report on central bank digital currencies (CBDC), stablecoins and cryptocurrencies is coming “soon,” according to the central bank’s chair, Jerome Powell.

The report was initially slated to come out at the beginning of summer. Powell later revised that timeline to sometime in September. During a press conference Wednesday about the Federal Open Market Committee’s (FOMC) interest rate decision, Powell did not say whether the report would still come this month.

“We think it’s really important that the central bank maintain a stable currency and payment system for the public’s benefit. That’s one of our jobs,” Powell said.

“There’s extensive private innovation, a lot of which is taking place outside the regulatory perimeter,” Powell said. ”Where the public’s money is concerned, we need to make sure that appropriate regulatory protections are in place. And today there really are not, in some cases.”


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Nate DiCamillo

Nate DiCamillo is a business reporter at CoinDesk with a focus on banking and economics.