The Federal Reserve President Jerome Powell indicated that the agency is studying the idea of a digital dollar. In the forthcoming future, this project will allow the country’s central bank to establish control of sovereign digital assets.
According to Powell, in the current year, delegates of the public and legislators will have to start examining this subject.
During a hearing at the House of Representatives Financial Services Committee on February 24, 2021, Powell acknowledged that the digital dollar project raises numerous questions, which will give lawmakers the chance to discuss the notion with the public to come up with common solutions.
“We plan to actively engage with the public this year, there are a lot of public events we are currently working on. Meanwhile, we are dealing with the technical details, as well as cooperating and sharing the results of our work with the central banks of other countries, that are also working on comparable projects.”
Powell stated the Fed is making progress in addressing the technical problems surrounding the launch of the digital dollar.
When questioned why the Federal Reserve must consult with legislators to issue the digital dollar, Powell pointed out that the well-being of global markets is of primary importance to the US government, particularly when it comes to launching a digital dollar.
We remind that a recent study revealed that a quarter of US investors are already invested in digital currencies.
