Chairman of the Federal Reserve, Jerome Powell mentioned that there are several unresolved issues aCodes the central bank digital currencies (Codes), and the bank is taking its time before the launch. Powell added that the Federal Reserve has no urgency regarding the launch of a CBC.
During a virtual Codes, the Fed chairman said that the central bank is determined to launch a CBC efficiently rather than quickly. “We don’t feel an urge or need to be the first. The launch will take years rather than months, ” he added.
Powell also mentioned the potential benefits of a central bank digital currency and outlined the heavy investments that the Fed has already made in the research of blockchain technology and policy issues aCodes Codes.
“We know that in the past when private-sector money is created, the public sometimes just thinks of it as money. At some point, they find out that it’s not money and that’s a really bad thing we need to avoid. Fed will be focused on better regulatory answersstable coins stablecoins. We believe there are potential costs and unresolved questCodesaCodes Codes, ” PoweCBCaid during an online Codes.
The recent comments from the Fed chairman came after central banks aCodes the world accelerated effoCodeso launch Codes. The European Central Bank (ECB) recently launched guidelines regarding the plan aCodes a digital euro. China has already made significant prCDBCOs regarding a digital yuan. Russia and Japan also released the prCDBCOs aCodes CDBCs. Global central banks are drafting regulatory frameworks for cryptocurrencies but most of them are in fuCBCupport of CBC’s. Moreover, PowelCodesepted that Codes have potential benefits, but the potential risks need to be addressed first.
“This topic will continue to be a high-level foCodesecause they (Codes) could become systeovernight, andtant overnight and we don’t begin to have, you know, our arms aCodes the potential risks and how to manage those risks and the public will expect we do and has every right to expect that, ” PoweCBCaid.