Powell Says Fed Report on Crypto and Central Bank Digital Currency Is ‘Ready to Go’

Powell Says Fed Report on Crypto and Central Bank Digital Currency Is 'Ready to Go'



The Federal Reserve’s much-anticipated crypto report is “ready to go” and will come out “in the coming weeks,” according to Fed Chair Jay Powell.

The remarks came during Powell’s re-nomination testimony on Tuesday in front of the Senate Banking Committee, in response to a question about the status of the report from Sen. Mike Crapo. “The report really is ready to go,” Powell said, adding, “I expect we will drop it in coming weeks.” Powell did, however, joke “I hate to say this” before he gave the time frame; this report has already been delayed before.

The report is likely to focus on CBDCs, or central bank digital currencies, which Powell has said the Fed is looking into ever since China launched its own digital yuan. But it sounds possible the report will also look at other crypto issues beyond just CBDCs.

Powell also said the report will seek input from the public, and it remains unclear if the report will offer any actionable guidance.

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This story is developing and will be updated.



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