{"id":50365,"date":"2021-09-29T12:19:26","date_gmt":"2021-09-29T09:19:26","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=50365"},"modified":"2025-09-02T17:39:13","modified_gmt":"2025-09-02T14:39:13","slug":"fed-chair-urges-congress-to-join-the-work-on-a-digital-dollar","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/fed-chair-urges-congress-to-join-the-work-on-a-digital-dollar\/","title":{"rendered":"Fed chair urges Congress to join the work on a digital dollar"},"content":{"rendered":"<p>The Federal Reserve System (Fed) needs support from the US Congress in creating a digital dollar. Chairman Jerome Powell said.<\/p>\n<p>In remarks before the Senate Banking Committee, the official noted that the laws governing the Fed&#8217;s activities could form the basis for issuing <span data-descr=\"national digital currency\" class=\"old_tooltip\">CBDC<\/span>, but launching the process by Congress would be a more suitable option.<\/p>\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\">\n<div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"Yellen, Chairman Powell to testify at Senate Banking Committee hearing\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/5DgjUzdqcWE?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div>\n<\/figure>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8220;This is such a fundamental question that it would be optimal to conduct broad consultations and congressional authorization,&#8221; Powell said.<\/em><\/p>\n<\/blockquote>\n<p>Earlier reports indicated that staff at the Federal Reserve Bank of Boston and the Massachusetts Institute of Technology <a href=\"https:\/\/u1f987.com\/en\/news\/fed-and-mit-to-unveil-digital-dollar-prototype-by-july\">will complete<\/a> work on creating a prototype of the digital dollar by July. The Fed <a href=\"https:\/\/u1f987.com\/en\/news\/fed-outlines-research-into-issuing-a-digital-dollar\">began<\/a> such experiments in February 2020.<\/p>\n<p>Earlier, Powell noted that for the United States it is important not to be first to issue a CBDC, but to <a href=\"https:\/\/u1f987.com\/en\/news\/fed-chair-for-the-united-states-getting-the-digital-currency-right-matters-more-than-being-first\">do this with the right approach<\/a>. In a September session, he <a href=\"https:\/\/www.cnbc.com\/2021\/09\/22\/the-fed-is-evaluating-whether-to-launch-a-digital-currency-and-in-what-form-powell-says.html\">announced<\/a> the upcoming report on the digital dollar.<\/p>\n<p>In August, Fed Governor Chris Waller <a href=\"https:\/\/u1f987.com\/en\/news\/fed-governor-doubts-the-advisability-of-issuing-a-digital-dollar\">doubted<\/a> the wisdom of issuing a CBDC. His colleague Randall Quarles <a href=\"https:\/\/u1f987.com\/en\/news\/fed-vice-chair-urges-not-to-fear-stablecoins-and-questions-the-case-for-a-cbdc\">expressed<\/a> the same view.<\/p>\n<p>Earlier, U.S. lawmakers <a href=\"https:\/\/u1f987.com\/en\/news\/us-lawmakers-warn-of-lag-behind-china-in-cbdc-development\">were concerned<\/a> about the lag behind China in developing a national digital currency.<\/p>\n<p> Subscribe to ForkLog news on VK! <a href=\"https:\/\/vk.com\/forklogcom\" target=\"_blank\" rel=\"nofollow noopener\">VK<\/a>! <\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Federal Reserve System (Fed) needs support from the US Congress in creating a digital dollar. Chairman Jerome Powell said.<\/p>\n","protected":false},"author":1,"featured_media":50366,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1095,1334,36,26],"class_list":["post-50365","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cbdc","tag-digital-dollar","tag-regulation","tag-usa"],"aioseo_notices":[],"amp_enabled":true,"views":"26","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/50365","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=50365"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/50365\/revisions"}],"predecessor-version":[{"id":50367,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/50365\/revisions\/50367"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/50366"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=50365"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=50365"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=50365"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}