Jerome Powell, chairman of the US Federal Reserve System (FRS), announced at a hearing in the Senate that a strategy for the implementation of the CBDC is being drafted.

“The digital dollar is something we really need to explore. […] Prejudice must be avoided here.”said the officer.

That’s why Powell reacted to the question about the Fed’s next steps regarding the launch of the CBDC.

“This is a very important potential financial innovation that will impact all Americans. Our plan is to work on both the political and technological side in the years to come. At some point, we will appeal to Congress with a proposal.”said.

Powell noted that the digital dollar should become the prerogative of the state.

“One of the questions is, do we want a private stablecoin to be a digital dollar? i think the answer – no. If we have a CBDC, it should be government-guaranteed money.”explained.

Recall that in January 2022, the Fed presented a report on the results of the CBDC study. The regulator noted that the emergence of a special digital form would allow the US dollar to retain its status as the world’s reserve currency.

Powell later said the Fed would not continue to explore the possibility of launching a CBDC without congressional intervention.

On March 9, President Joe Biden signed an executive order to coordinate federal agencies in regulating cryptocurrencies. The document required departments to consider the opportunities, benefits and risks of issuing a central bank digital currency.

Earlier, the US Treasury released a report on the risks associated with stablecoins. department saw “stable coins” demanded threats to investors and the integrity of the market, as well as severe legal restrictions.

The Fed chairman has repeatedly stressed that it is important for the United States to do it with the right approach, not the first to issue a CBDC.

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