Head of the Fed: consumers do not show demand for digital currencies of central banks

Fed Governing Council

Jerome Powell, Chairman of the Board of Governors of the Federal Reserve System (FRS), said that his department is monitoring the field of crypto assets, but does not plan to issue its own digital currency.

Speaking at a forum in Swiss Zurich, Powell emphasized that for the Fed, digital currencies are not the primary topic of discussion.

“If you mean a single currency for the United States, then it should be cybersafe,” said the head of the Fed. “It’s one thing when paper currency is faked, another thing is when a currency is cracked and created in unlimited quantities using a computer”

Powell added that the demand for digital currencies is inadequate, because “users already have many payment options.”

Regarding the Libra from Facebook, the head of the Fed expressed the opinion that thanks to the huge user base, the project can “very quickly become systematically significant.”
At the same time, the initiative from the largest social network should meet the highest regulatory standards.

Earlier, the Fed Governing Council said the agency intends to develop its own payment and settlement network FedNow Service, which will allow any American bank to provide customers with round-the-clock and almost instant payments.

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