Federal Reserve Chairman Jerome Powell has said the long-awaited digital currency report will be released in the coming weeks.
It’s a promise Powell made before. Due to be released last summer, Powell said on September 22 that the report expected to deepen the Fed’s thinking on central bank digital currencies, or CBDCs, would be released soon.
On November 30, he said the Fed had delayed the report because it was trying to get it right, but that its pledge would be released in the coming weeks.
Speaking at the Senate confirmation hearing for his reappointment today, Powell said the report is really ready for release, and I would expect we would drop it. I hate to repeat it in the coming weeks.
Then he said, “We didn’t quite get it where we needed to get it, but it is indeed there now.”
It sounds a lot like trying to get it right.
Nonetheless, he reiterated, in a few weeks we will be releasing it.
So, maybe don’t hold your breath for where the Fed is tackling the creation of a digital dollar.
In fact, don’t really hold your breath.
Powell’s next line was: And by the way, this will be more of an exercise of asking questions and seeking public input rather than taking a lot of positions on various issues, although we do take certain positions.