Federal Reserve Chairman Jerome Powell has according to media reports assured Congress that the Fed’s much-anticipated cryptocurrency report will be out “within a few weeks.” Powell’s estimated publication date was given during a January 11th hearing to confirm it before the Senate Banking Committee. Republican Senator Mike Crapo urged Powell to make the report. The Fed chairman had previously claimed several times that he would publish it in a timely manner.
However, observers already suspect that the report will not provide answers to all important questions relating to crypto. Among other things, the prospects for a digital central bank currency should be an issue. Of course, the question of whether or not the Fed is digitizing the dollar is of great interest to the crypto industry.
Powell has so far been rather reserved about CBDC
Powell has spoken a number of times on the CBDC issue. In November 2019, he first announced to Congress that the Fed was reviewing CBDCs for businesses and households.
However, the Fed chief did not become too specific in the coming months either. Given the rapidly developing Chinese project for a digital yuan, the United States is in danger of falling behind.
Getting it right is far more important than getting it done quickly or feeling like we’re rushing to a conclusion because other countries are rushing ahead
said Powell at a press conference in April last year. On the other hand, he is more open about stablecoins. Powell testified to the House of Representatives in July last year, saying that stablecoins should be regulated “in a manner comparable to” bank deposits and money market funds.
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