FED Chairman Powell Commented on Digital Currency

FED Chairman Powell commented on the digital currency. Jerome Powell spoke at the panel organized by BIS. US Federal Reserve (FED) Chairman Jerome Powell gave a speech at the panel of the Bank for International Settlement. In this speech, FED Chairman Powell stated that the FED is not at the decision stage regarding the central digital currency project.

"A Digital Dollar Will Probably Have Big Consequences..."

Stating that there is no need for the FED to be a pioneer in central digital currencies, FED Chairman Powell said:

"A digital dollar will probably have big consequences ..."

Underlining that centralized digital currencies offer various benefits but also carry a significant risk, Jerome Powell stated that they will not progress in the centralized digital currency project without the approval of the US Congress. In addition, Powell warned that crypto assets are highly volatile and speculative.     This article has the contributions of Bloomberg HT.