{"id":10819,"date":"2023-03-10T05:32:54","date_gmt":"2023-03-10T05:32:54","guid":{"rendered":"http:\/\/cryptoheretostay.com\/?p=10819"},"modified":"2023-03-10T05:32:55","modified_gmt":"2023-03-10T05:32:55","slug":"fed-chair-powell-provides-update-on-us-central-bank-digital-currency","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=10819","title":{"rendered":"Fed Chair Powell Provides Update on US Central Bank Digital Currency"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<p><strong>Federal Reserve Chairman Jerome Powell has provided an update on the Fed\u2019s central bank digital currency (CBDC) work in a hearing before the House Financial Services Committee. While stating that the Fed is \u201cmaking progress on technological issues,\u201d Powell stressed that \u201cpolicy issues are equally important.\u201d<\/strong><\/p>\n<h2>Fed Chair Powell on CBDC Progress<\/h2>\n<p>During a hearing before the House Financial Services Committee on Wednesday, Congressman Stephen Lynch (D-MA) asked Federal Reserve Chairman Jerome Powell for an update on the Fed\u2019s work regarding a possible central bank digital currency (CBDC), the digital dollar. Congressman Lynch serves as Ranking Member of the Subcommittee on Digital Assets, Financial Technology and Inclusion.<\/p>\n<p>Regarding where the Fed is at on its CBDC work, Powell said:<\/p>\n<p>We engage with the public on an ongoing basis. We are also doing research on policy and also on technology. That\u2019s what we\u2019re up to.<\/p>\n<p>Noting that the Fed \u201cdid go out for comment, in general, on the CBDC a year or so ago,\u201d Powell said he expects the central bank to do the same in the future but cannot give a date for when it will happen.<\/p>\n<p>When asked about the Fed\u2019s decisions regarding the structure and architecture for a CBDC, the Fed chairman clarified:<\/p>\n<p>We are not at the stage of making any real decisions. What we are doing is experimenting in kind of early-stage experimentation.<\/p>\n<p>\u201cHow would this work? Does it work? What\u2019s the best technology? What\u2019s the most efficient? \u2014 we are really in an early stage,\u201d he continued.<\/p>\n<p>While emphasizing that the Federal Reserve is \u201cmaking progress on technological issues,\u201d Chair Powell stressed that \u201cpolicy issues are equally important.\u201d He concluded:<\/p>\n<p>We haven\u2019t decided that this is something that the financial system in the country would want or need, so that\u2019s going to be very important.<\/p>\n<p>Meanwhile, several bills have been introduced in Congress to restrict the use of a CBDC should the Fed introduce one. Last month, Congressman Tom Emmer (R-MN) launched the CBDC Anti-Surveillance State Act which \u201cbars the Fed from using a CBDC to implement monetary policy and control the economy.\u201d<\/p>\n<p>Tags in this story<\/p>\n<p>CBDC, Digital Dollar, Fed, Fed CBDC, Fed central bank digital currency, fed chair powell, Fed digital currency, fed digital dollar, Federal Reserve, Federal Reserve Chairman Jerome Powell, US CBDC, US central bank digital currency<\/p>\n<p><em><strong>Do you think the Fed will eventually issue a central bank digital currency? Let us know in the comments section below.<\/strong><\/em><\/p>\n<p>Kevin Helms <\/p>\n<p class=\"article__body__author__info__about\">\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.<\/p>\n<p><i class=\"td-icon-font td-icon-mail-1\"\/><\/p>\n<p class=\"images_credits\"><em>Image Credits: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n<p><strong>Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<p>More Popular NewsIn Case You Missed It<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/news.bitcoin.com\/fed-chair-powell-provides-update-on-us-central-bank-digital-currency\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Federal Reserve Chairman Jerome Powell has provided an update on the Fed\u2019s central bank digital currency (CBDC) work in a hearing before the House Financial Services Committee. While stating that the Fed is \u201cmaking progress on technological issues,\u201d Powell stressed that \u201cpolicy issues are equally important.\u201d Fed Chair Powell on CBDC Progress During a hearing [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":10820,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[1],"tags":[],"class_list":["post-10819","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-updates"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/10819","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10819"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/10819\/revisions"}],"predecessor-version":[{"id":10821,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/10819\/revisions\/10821"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/10820"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10819"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10819"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10819"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}