Jerome Powell, the Chairman of the US Federal Reserve, announced today that the country is working on a publisher’s report on digital currencies.
The impending study, according to the Fed Chair, would focus “broadly” on digital payments. Stablecoins, crypto-assets, and central bank digital currencies are all included, according to him (CBDCs). We’ll talk about digital payments in general. It stands for stablecoins, crypto-assets, and a CBDC. That entire set of concerns and payment modalities, which we believe is at a critical juncture in terms of regulation.
Powell also stated that in the case of central bank digital currencies, the Fed would pose questions for the public to answer in order to assess the merits and drawbacks. His goal is that this would lead to a large-scale public engagement on the issue including a wide range of organizations, including Congress.