Fed is not rushing CBDC, says Chair Jerome Powell

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On Wednesday, Jerome Powell, the chair of The United States Federal Reserve, said that one should not rush in the development and implementation of any Central bank digital currency (CBDC). He said that the Fed is still exploring the promises of bringing a new digital currency for the nation, but it has not decided on the matter.

At a news conference, Jerome Powell said that the Fed was researching the advantages of having a digital dollar and has decided to publish a paper in this regard soon.

When asked a question about the CBDC issue date in a news conference, Jerome Powell said that they are operating very finely to resolve the issuance of CBDC and figuring out the best form in which it should be released.

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Jerome Powell thoughts on the approach towards CBDC

Despite the launch of CBDC by several central banks around the world, the Fed Chair clarified that the Fed is not in any hurry to jump into the trend.

He added that the U.S. is not behind in the development of CBDC, but the Fed is more focused on getting things right than being fast.

CBDCs have been brought into the picture by the anti-crypto squad and are supported by many central banks and government officials worldwide. One such recent example is HSBC, which has favored CBDCs, raising concerns over the existing stablecoins.

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The opinions of experts

The well-known crypto-critic and United States politician Elizabeth Warren has also raised doubtful voices for CBDCs as “legitimate digital public money”.

On the other hand, in August, Chris Waller, Fed governor, doubted the capabilities of CBDCs and expressed that it is an unnecessary waste of efforts to develop them and called them “a solution in search of a problem.”

Along with that, earlier in September, James Mackintosh, investment editor and Wall Street Journal columnist, claimed that there is a high chance of CBDCs triggering “deeply negative interest rates.”

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