Regulation

Jerome Powell says report on digital currencies is ready to go

Official portrait of Governor Jerome H. Powell. Mr. Powell took office on May 25, 2012, to fill an unexpired term ending January 31, 2014. For more information, visit http://www.federalreserve.gov/aboutthefed/bios/board/powell.htm

The US Federal Reserve Chair Jerome Powell today said that the government report on cryptocurrencies is expected to come out “within the next few weeks”.

However, answering questions from Senator Mike Crapo, Powell noted that the report was delayed “due to other priorities”.

“The report really is ready to go and I would expect we will drop it, I hate to say it again, in the coming weeks, but it really is in a situation where it’s ready to go,” he stressed, adding the Fed digital dollar could coexist with private stablecoins.

“It was hard and we didn’t get it quite to where we needed to get it but it’s effectively there now and I will tell you it’s within weeks we will be publishing it.

“And 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.”

The report is expected to focus on the outlook for a central bank digital currency or a digital dollar.

Teuta Franjkovic

Starting out as a staff writer with Cosmopolitan, Teuta has risen through the ranks of business journalism, editing daily newspapers and websites in the IT and economics industries. With a passion for creating opportunities and bringing people together, Teuta turned her attention to the world of crypto and blockchain. She holds a double MA in Public Politics and Entrepreneurship.