Federal Reserve Chairman Jerome Powell has according to media reports reassured Congress that the much-anticipated Fed report on cryptocurrencies will be out “within a few weeks.” Powell’s estimated release date was announced during a Jan. 11 Senate Banking Committee confirmation hearing. Republican Senator Mike Crapo pushed Powell into the report. The Fed chairman had previously claimed several times that he would publish it in a timely manner.
However, observers already suspect that the report will not provide an answer to all important questions relating to crypto. Among other things, the prospects for a digital central bank currency should be an issue. Of course, the question of whether or not the Fed is going to digitize the dollar is of great interest to the crypto industry.
So far, Powell has kept a low profile on CBDC
To date, Powell has commented on the topic of CBDCs a number of times. In November 2019, he told Congress for the first time that the Fed was reviewing CBDCs for businesses and individuals.
However, the Fed chairman did not become too specific in the coming months. As a result, the US is at risk of being left behind in the face of the rapidly developing Chinese digital yuan project.
Getting it right is far more important than doing it quickly or feeling that we have to rush to a conclusion because other countries are rushing ahead
said Powell at a press conference in April last year. On the other hand, he is more open about stablecoins. Testifying before the House of Representatives last July, Powell said stablecoins should be regulated “in a manner comparable” to bank deposits and money market funds.
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Fed chair to release crypto report soon