Crypto news

The Fed is preparing rules to implement CBDC

The head of the U.S. Federal Reserve (Fed) Jerome Powell announced at a Senate hearing that a strategy to implement CBDC is being prepared.

“The digital dollar is something we really need to explore. […] we need to avoid bias here,” the functionary said.

This is how Powell responded to a question about the Fed’s next steps regarding CBDC rollout.

“This is a very important potential financial innovation that will affect all Americans. Our plan is to work on both the policy side and the technology side in the coming years. At some point we will make a recommendation to Congress,” he said.

Powell noted that the digital dollar should be a government prerogative.

“One of the questions is, do we want a private ‘stable coin’ to become a digital dollar? I think the answer is no. If we’re going to have CBDC, it should be government-guaranteed money,” he explained.

Recall that most of the world’s central banks are developing CBDCs.

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