Federal Reserve Chairman Powell: We are studying central bank digital currency and have not yet decided whether to launch it

On February 12, according to crowdfundinsider, Federal Reserve Chairman Jerome Powell recently delivered a speech in front of the House Financial Services Committee and revealed that the Federal Reserve is studying central bank digital currency (CBDC).

Jerome Powell said at the time that every central bank is currently studying CBDC. It is our responsibility to understand the costs and benefits of central bank digital currencies and weigh them.

When asked about Libra, China's efforts to launch a digital currency, and the competitive threats that exist, Jerome Powell said that the Federal Reserve currently has many projects working on this and expressed full agreement that Libra has added fuel to the fire.

Regarding when to launch CBDC, Jerome Powell pointed out that the Federal Reserve has not yet decided whether to launch a digital dollar because there are still many problems, such as network and privacy issues, but we are working hard to solve related problems. Last November, Powell said that before issuing CBDC, the Federal Reserve must resolve some legal issues, including monetary and payment policies, financial stability, regulatory and operational issues, and its vulnerability to cyber attacks.

It is worth noting that Powell expressed support for anonymous cryptocurrency transactions at the meeting, such as transactions based on privacy coins such as Monero and Z-cash. But he also admitted that a completely transparent system that allows everyone to see everyone else's transaction records and balances is not ideal for the US economy.

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