Jerome Powell: "To be or not to be a digital dollar depends on Congress"
The chairman of the US Federal Reserve System said that his department, the country's main financial regulator, is not ready to start practical work on launching a digital dollar without Congressional approval.
The statement was made on Tuesday, February 13, at a closed meeting with congressmen from the House Financial Services Committee. Jerome Powell actually shifted the responsibility for launching the American digital currency of the central bank to parliament.
"We are not supporters of CBDC and have not decided to recommend the launch of the digital dollar to Congress. If we are instructed to create a state—owned digital currency, Congress must authorize our actions," the official said.
Jerome Powell added: a separate legislative framework will also be needed to regulate the circulation of CBDC.
Earlier, Jennifer Lassiter, executive director of The Digital Dollar Project, said that the Fed is waiting for direct instructions from the White House administration and Congress to begin more substantive work on the digital dollar project:
"Congress plays a crucial role in the CBDC project. Depending on how and in what form the parliament's support will be expressed, this will affect consumer confidence in the digital dollar and the likelihood of legal problems that could stop the implementation of the project."
Source: https://bits.media/dzherom-pauell-byt-ili-ne-byt-tsifrovomu-dollaru-zavisit-ot-kongressa/
