The head of the Fed said the absence of a decision to launch a digital dollar
Fedi has not yet decided to promote CBDC in the United States. This was stated by the head of the department Jerome Powell at a conference dedicated to the role of central banks in digital assets markets.
“We will not make a positive decision for some time”, He explained.
According to Powell, the Fed, in cooperation with Congress and the executive branch, will focus on assessing politics and technological issues.
The head of the Central Bank outlined the long period during which the Fed is focused on “strengthening the public confidence in the analysis and the final conclusions that have yet to be developed”.
Referring to a report on a What is fud in digital dollar, Powell emphasized that if the CBDC will have several key characteristics:
- participation of intermediaries;
- Protecting confidentiality;
- personality verification;
- compatibility.
During the speech, the head of the Fed also noted that the current decline in the cryptocurrency market provided the regulators with more time to identify and eliminate weaknesses in the supervision of the industry.
According to the functionary, the good news is the low level of penetration of traditional financial and banking systems in Defi.
He pointed out “significant” structural problems and the lack of transparency in decentralized finance. In particular, there is a need to regulate “non -kastodial wallets and algorithms,” he added.
Powell also noted the need for “proper supervision” over stablecoins.
Recall, on September 16, the White House presented the concept of regulation of the cryptocurrency industry. It involves many initiatives, including the tightening of law enforcement practice regarding suppliers related to digital assets of services.
Bloomberg later learned about the development of a bill to regulate “stable coins”. In particular, he will introduce a two -year ban on new algorithmic steablecoins like Terrausd.
The head of the Bitcoin Torge Coinbase, Brian Armstrong, said that the tough approach of the US authorities to the supervision of the crypto industry restrains its development.
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