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Fed to Release Report in September Addressing Cryptocurrencies and Stablecoins, Says Jerome Powell

Summary:
The Chairman of the Federal Reserve of the United States, Jerome Powell, said today that the country is working on a publisher’s report on digital currencies. The Fed Chair said that the incoming report would focus on digital payments “broadly.” Per his words, this also includes stablecoins, crypto-assets, and central bank digital currencies (CBDCs). We’re going to address digital payments broadly. It means stablecoins, it means crypto-assets, it means a CBDC. That whole group of issues and payment mechanisms, which we think is really in a critical point in terms of regulations. LIVE: Federal Reserve Chair Powell addresses the status of the Fed’s study of central bank digital currencies, noting that we are at a “critical point” in terms of regulation

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The Chairman of the Federal Reserve of the United States, Jerome Powell, said today that the country is working on a publisher’s report on digital currencies.

  • The Fed Chair said that the incoming report would focus on digital payments “broadly.” Per his words, this also includes stablecoins, crypto-assets, and central bank digital currencies (CBDCs).

We’re going to address digital payments broadly. It means stablecoins, it means crypto-assets, it means a CBDC. That whole group of issues and payment mechanisms, which we think is really in a critical point in terms of regulations.

  • Powell also reiterated that in the case of central bank digital currencies, the Fed would lay down questions for the public to address and assess the potential benefits and drawbacks.
  • His hope is that this will spark a major public consultation on the matter across many groups, including Congress.

Jerome Powell. Source: Barrons

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