Federal Reserve Chairman Powell: Currently, there is no active consideration

Iti9

If you consider a currency applicable to the United States, it really needs to take into account cybersecurity. "Counterfeiting physical currency" is one thing, but hacking into digital currency networks allows infinite creation using computers—whatever amount you want. Therefore, network issues are very challenging. I don't want you to think I am ruling it out (digital currency), but this is a problem. If everyone holds their money in the form of digital currency, they won't keep money in banks, so what will happen to banks? If everyone just invests in this kind of digital currency, what will happen to the intermediary process? So, I want to say that we support financial innovation, but we need to handle these innovations carefully... Powell explained.

In addition, Powell mentioned that, in reality, digital currency is currently "underutilized," stating that "consumers currently have enough payment choices" and further noting that the public is not "clamoring" for the creation of CBDC (Central Bank Digital Currency).

During this "Economic Outlook and Monetary Policy" panel discussion, Powell also commented on Facebook's upcoming stablecoin Libra. He stated that the project must meet higher standards of regulation and regulatory expectations, especially due to its massive user base.

He also added that it is currently unclear how to address the issues related to Libra within the existing regulatory framework.

He claimed that the Federal Reserve does not have "complete authority over cryptocurrencies," although he asserted that the Federal Reserve still has "significant investments in payment systems.

Indra55

The central bank's digital currency is quite stable, isn't it?

Kapil334

In the United States, a so-called president can't really take charge.

Jiger955

The central bank is currently also focusing on digital currencies.