{"id":55731,"date":"2022-01-12T10:10:04","date_gmt":"2022-01-12T08:10:04","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=55731"},"modified":"2025-09-04T03:04:38","modified_gmt":"2025-09-04T00:04:38","slug":"powell-pledges-to-publish-cbdc-report-in-coming-weeks","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/powell-pledges-to-publish-cbdc-report-in-coming-weeks\/","title":{"rendered":"Powell pledges to publish CBDC report in coming weeks"},"content":{"rendered":"<p>The Fed report on the findings of the study into the national digital currency (CBDC) will be published in the coming weeks. Powell said this during Senate<a href=\"https:\/\/u1f987.com\/en\/news\/biden-plans-to-renominate-jerome-powell-for-a-second-term-as-fed-chair\"> on his renomination<\/a>.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;The report is ready&#8230; I expect we will publish it&#8230; in the coming weeks,&#8221; he said.<\/p>\n<\/blockquote>\n<p><iframe loading=\"lazy\" width=\"1280\" height=\"720\" src=\"https:\/\/www.youtube.com\/embed\/0a8j1Tgdg2k\" title=\"YouTube video player\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen=\"\"><\/iframe><\/p>\n<p>The head of the monetary authorities warned that the document is not exhaustive, but &#8220;it is more of a warm-up in shaping questions for the public&#8221;.<\/p>\n<p>In March, it was reported that staff at the Boston Fed and MIT <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. Such experiments at the Fed began in February 2020.<\/p>\n<p>Powell noted that for the United States it&#8217;s important not to be first to issue a CBDC, but to do so with the right approach. Following the September 2021 meeting, 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 release of a report on the digital dollar &#8220;in the near future&#8221;.<\/p>\n<p>In that same month the Fed <a href=\"https:\/\/u1f987.com\/en\/news\/fed-expands-cbdc-research\">broadened research into digital currencies<\/a>. A number of regional banks joined the regulator&#8217;s initiative. It was noted that within the project, various distributed ledger platforms are being created and tested.<\/p>\n<p>In December, US Treasury Secretary Janet Yellen <a href=\"https:\/\/u1f987.com\/en\/news\/yellen-says-broad-consensus-among-authorities-needed-to-issue-a-cbdc\">stated<\/a> that Congress, the Fed and the White House need to reach agreement on a number of issues related to CBDC issuance.<\/p>\n<p>Earlier, Federal Reserve Governor Chris Waller <a href=\"https:\/\/u1f987.com\/en\/news\/fed-governor-doubts-the-advisability-of-issuing-a-digital-dollar\">doubted the wisdom of issuing a CBDC<\/a>. 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 similar view<\/a>. At the same time, another Federal Reserve official Lael Brainard said that the country needs to <a href=\"https:\/\/u1f987.com\/en\/news\/fed-officials-say-the-united-states-must-win-the-cbdc-race\">accelerate the development of the digital dollar without delay<\/a>.<\/p>\n<p>Earlier, US lawmakers <a href=\"https:\/\/u1f987.com\/en\/news\/us-lawmakers-warn-of-lag-behind-china-in-cbdc-development\">expressed concern<\/a> about lagging behind China in CBDC development. Fed experts described cryptocurrencies <a href=\"https:\/\/u1f987.com\/en\/news\/the-fed-sees-cryptocurrencies-as-a-threat-to-global-dollar-dominance\">as one of the potential threats to the dollar&#8217;s hegemony<\/a> in the long run.<\/p>\n<p>Subscribe to ForkLog news on <a href=\"https:\/\/www.facebook.com\/forklog\" target=\"_blank\" rel=\"nofollow noopener\">Facebook<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Fed&#8217;s CBDC study report will appear in the coming weeks, Powell said during Senate hearings on his renomination.<\/p>\n","protected":false},"author":1,"featured_media":55732,"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":[1095,1334,1249],"class_list":["post-55731","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cbdc","tag-digital-dollar","tag-federal-reserve-system"],"aioseo_notices":[],"amp_enabled":true,"views":"23","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/55731","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=55731"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/55731\/revisions"}],"predecessor-version":[{"id":55733,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/55731\/revisions\/55733"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/55732"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=55731"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=55731"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=55731"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}