Powell: Fed Has No Plans or Authority to Issue CBDC

IconCryptoNewsTerminal Staff31 Jul, 2024

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Powell: Fed Has No Plans or Authority to Issue CBDC

Jerome Powell, the Federal Reserve Chair, stated that the Fed has no immediate plans to issue a central bank digital currency (CBDC). He made these remarks during a press conference following the conclusion of the FOMC meeting. Powell emphasized that the Fed remains vigilant in monitoring the developments in CBDCs but has no specific plans to initiate any such issuance at the present time. He also noted that the Fed lacks the authority to issue a CBDC independently without congressional authorization. The Fed's stance aligns with its cautious approach towards CBDCs, as it continues to evaluate the potential benefits and risks associated with their implementation. As the digital currency landscape evolves, the Fed will likely continue to engage in ongoing research and discussions with stakeholders and policymakers to inform its future decisions regarding CBDCs.

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