© Reuters
Investing.com – Fed boss Jerome Powell’s testimony to Congress yesterday provided some commentary regarding the cryptocurrency industry.
Powell has indicated that the Federal Reserve’s eagerly awaited report on cryptocurrencies and central bank digital currencies (CBDCs), originally scheduled for publication in September 2021, will be made public “in the coming weeks.”
“We failed to get it quite where we needed to take it,” Mr Powell said of the report’s delays, in response to a question from Sen. Mike Crapo, adding: “But he is actually there now, it will be in a few weeks that we will publish it “.
It is however useful to recall that during a previous hearing in the Senate in November, Powell had already promised the publication of the report in the “coming weeks”.
Cryptocurrency investors are eagerly awaiting this report, especially to hear the Fed’s opinion on central bank digital currencies (CBDCs) and the potential creation of a crypto-dollar.
In this regard, it should be noted that Senator Pat Toomey asked Mr. Powell during yesterday’s hearing whether the issuance of a CBDC by the Fed would contravene the existence of “well-regulated stablecoins issued by the private sector, “if Congress gave the Fed the power to create its CBDC.
“No, not at all,” replied Mr. Powell.
Contrary to what some fear, it therefore appears that the Fed has no intention of putting obstacles in the way of stablecoin issuers such as the or.
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