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Federal Reserve Chairman: The bank’s report on digital currencies will be published in two months


The governor of the US Federal Reserve has said that in two months he will publish a report on the advantages and disadvantages of national digital currencies. The report will also look at decentralized digital currencies and stable coins.

to the the report US Federal Reserve Chairman Jerome Powell said in a speech Wednesday to members of the US House Financial Services Committee that the Federal Reserve’s report on national digital currencies is due in September. ) To be published.

Responding to a question from Patrick McHenry, a senior member of the House of Representatives, Powell said the report was intended to examine the pros and cons of national digital currencies in general and to discuss digital currencies and stable coins. In his speech, Powell reiterated that if stable coins were to play a significant role in the US payment network, they would have to be legislated.

The head of the US Federal Reserve said:

Stable coins certainly have advantages such as a faster payment system and have features in common with national digital currencies, yet there are still risks involved. I think stable coins are very similar to money market investment funds, bank deposits and bank bonds.

Powell had previously announced that the report would be released in July.

The Federal Reserve in Boston announced last year that it was considering whether national digital currencies could be used in the United States. The office also said it would probably publish the study in the future.

Responding to Stephen Lynch, another US lawmaker, Powell said the dollar’s currency position in the world was not in jeopardy and that the development of national digital currencies by other countries was not a threat to the dollar.

Powell added that national digital currencies could replace decentralized digital currencies.

He said in this regard:

If the United States digital currency [ملی] Have your own no longer need digital currencies [غیر متمرکز] And you will not have stable coins. I think this is an acceptable reason in favor of the national digital currency.

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