During a session on digital banking organized by the Banque de France on Tuesday, Fed Reserve Chairman Jerome Powell gave an overview of the central bank’s work on the virtual dollar.
He began by saying that currency has not disappeared in America, which still relies heavily on cash. But, the central banker pointed out that it is not in real terms but is declining relative to cashless transactions.
Powell said the central bank is actively exploring the “potential costs and benefits” of issuing a CBDC in the US. However, he emphasized that they have not yet made a decision and do not plan to do so for some time.
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Powell said he hopes to partner not only with Congress, but also with the administration to provide experience for the various issues they face here.
He added that going ahead with CBDC would require approval from both the executive branch and Congress.
Pointing out that the central bank has not yet decided whether to issue a virtual dollar, Powell said it is at this stage and has a significant amount of work to do.
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