In a few weeks, the United States will release its digital currency study, which has been anticipated for months.
In front of members of the Senate Banking Committee, Fed Chairman Powell said, “The digital currency report is ready. We expect it to be published in the coming weeks.”
The report in question was expected to be published in the summer of last year, but it was delayed. “The publication of the report has been delayed due to other priorities,” Powell said.
Powell also indicated that the objective of the digital currency study is to solicit public comment rather than to take a stance on these assets.
Cryptocurrencies are expected to be legalised and regulated through a legal framework. The Fed has stated that while he is not opposed to cryptocurrencies, he believes that they should be regulated. The content of the legal rule will be exposed more explicitly in the coming days.
The benefits and risks of central bank digital currencies (CBDC) will be discussed, according to the report. Politicians and Fed members in the country have been debating whether a digital currency should be produced for a long time. It’s worth noting that Fed members are split down the middle on such a project, with both negative and favourable viewpoints.