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Fed Chair Jerome Powell Says Full Report on Digital Currencies To Be Released in Coming Weeks

DATE POSTED:January 13, 2022

U.S. Federal Reserve chair Jerome Powell says that the government’s report on digital currencies, which was supposed to be released last year, will come out in the next few weeks.

In July, Powell said that Fed officials would release a discussion paper looking at the feasibility of issuing a central bank digital currency (CBDC) as a viable alternative to using cryptocurrencies and stablecoins in the payments system.

Powell said the report would be available in early September 2021, but it has not yet been released.

During his nomination hearing for a second term on Tuesday, the Fed chairman says that the report is now ready in response to Sen. Mike Crapo (R-Idaho), who asked for an update.

“The report really is ready to go and I would expect we will drop it, I hate to say it again, in coming weeks. It really is in a situation where it’s ready to go. It will give changes in monetary policy and other things going on.

We didn’t get it quite where we needed to get it but it is effectively there now. Within weeks we will be publishing it.

By the way, it’s more going to be an exercise in asking questions and seeking input from the public rather than taking a lot of positions on various issues, although we do take some positions.”

I

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