Fed to Release Report in September Addressing Cryptocurrencies and Stablecoins, Says Jerome Powell

The Chairman of the Federal Reserve of the United States, Jerome Powell, said today that the country is working on a publisher’s report on digital currencies.

• The Fed Chair said that the incoming report would focus on digital payments “broadly.” Per his words, this also includes stablecoins, crypto-assets, and central bank digital currencies (CBDCs).

We’re going to address digital payments broadly. It means stablecoins, it means crypto-assets, it means a CBDC. That whole group of issues and payment mechanisms, which we think is really in a critical point in terms of regulations.

LIVE: Federal Reserve Chair Powell addresses the status of the Fed’s study of central bank digital currencies, noting that we are at a “critical point” in terms of regulation pic.twitter.com/w0VDmqvj7R

— Bloomberg Economics (@economics) July 14, 2021

• Powell also reiterated that in the case of central bank digital currencies, the Fed would lay down questions for the public to address and assess the potential benefits and drawbacks.
• His hope is that this will spark a major public consultation on the matter across many groups, including Congress.

Jerome Powell. Source: Barrons