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

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

The Federal Reserve Chairman, Jerome Powell, said that they will issue a report on cryptocurrencies, stablecoins, and CBDCs in September.

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.