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.”
Sep 22, 2021 at 9:32 p.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/PIETWMGVYZDNXCK52MAO4YQLJE.jpg)
Jerome Powell, chairman of the U.S. Federal Reserve, top, walks to the West Wing of the White House in Washington on June 21. He's accompanied by Rostin Behnam, acting chairman of the Commodity Futures Trading Commission, left, and Jelena McWilliams, chair of the Federal Deposit Insurance Corporation. Photographer: Stefani Reynolds/Bloomberg via Getty Images
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.”
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Nate DiCamillo is a business reporter at CoinDesk with a focus on banking and economics.
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