Federal Reserve Chair Jerome Powell addressed recent speculation and confusion regarding the Federal Reserve's stance on a Central Bank Digital Currency (CBDC), clarifying that the Federal Reserve has not made a decision to propose a CBDC and emphasized that it is incorrect to suggest that the Fed is secretly working on a digital dollar. He stated the Fed is a 'long, long way' from proposing a CBDC, highlighting the importance of staying informed on digital finance developments. Powell also commented on the current economic situation, noting that inflation remains 'too high', which is a concern for the Federal Reserve. This comes amidst discussions and inquiries about the potential and implications of a digital dollar, with the Fed stating that a CBDC is a "Key Duty" among their "7 Key Duties" told to Congress. Additionally, Powell's comments had a noticeable impact on the cryptocurrency market, with Bitcoin's value increasing from 63k to 66k in an hour.
No plans for CBDC anytime soon - The Fed https://t.co/88YPojCUM5
>@BrendanPedersen with a question at Powell’s presser!!!!!!!!!!!!!!!! https://t.co/PknuiHgcq3
🎙️ Ever pondered the potential of a digital dollar? Our financial services reporter & co-author of The Vault @BrendanPedersen just posed a crucial question to Federal Reserve Chair Jay Powell about the Fed's stance. Follow the discussion now! 💡 https://t.co/A0urIF8wE1
Powell pumped Bitcoin from 63k to 66k in an hour. Congrats @federalreserve @GaryGensler @neelkashkari @NewYorkFed @DallasFed @ecb $btc
🎙️ Ever pondered the potential of a digital dollar? Our Financial Services Reporter & Author of The Vault @BrendanPedersen just posed a crucial question to Federal Reserve Chair Jay Powell about the Fed's stance. Follow the discussion now! 💡 https://t.co/7G5OcurF4f
Powell: Economy Progresses but #Inflation Still 'Too High' to Adjust Benchmark Rate https://t.co/HWsiiK5B3S
🚨NEW: Fed Chairman Powell addressed #CBDCs today, saying “I haven’t at all in my own mind made a decision that the U.S. needs a central bank digital currency.” He also said “the Fed is a “long, long way away from proposing a CBDC.”
Uber dove Powell pumping everything for the 0dte gamblers, memecoiners, NFT traders, and Wall Street Bets yolo bois. Congrats! @federalreserve @neelkashkari @GaryGensler @ecb $gs $jpm $blk $kre $spy $es
JUST IN: 🇺🇸 Fed Chair Powell says the Federal Reserve is not working on a CBDC, and has no plans to propose one. "It's wrong to say we're working on a CBDC." https://t.co/L1KO2g4X9x
POWELL: WE ARE TRYING TO STAY IN THE FRONTIERS OF WHAT IS GOING ON IN DIGITAL FINANCE....but... POWELL: WE NEED TO BE KNOWLEDGABLE ABOUT ALL THAT*POWELL: IT'S WRONG TO SAY FED IS SECRETLY WORKING ON A CBDC *Powell: Fed Is a 'Long, Long Way' Away From Proposing Central Bank…
JUST IN: 🇺🇸 Fed Chair Powell says they haven't come to a conclusion that they should propose a CBDC. "It's wrong to say we're working on a CBDC." https://t.co/sZuw80Def0
POWELL: I HAVEN'T AT ALL IN MY OWN MIND MADE A DECISION THAT THE US NEEDS A CENTRAL BANK DIGITAL CURRENCY
I asked Chair Jay Powell about what the Federal Reserve is doing with CBDCs right now. Powell said it was "wrong to say" that the Fed has "a secret lab" where central bankers are creating a digital dollar before springing it on Congress. Got some laughs!
Chairman Jerome Powell on the Fed actively working to implement a CBDC... #FOMC https://t.co/9hMnxgRyNg
*POWELL: IT'S WRONG TO SAY FED IS SECRETLY WORKING ON A CBDC it's not secret at all
I think #Powell could do without a Central Bank Digital Currency. 'We are a long, long way from a Central Bank Digital Currency.' https://t.co/uOFCly8dcx
BREAKING: JEROME POWELL DENIES FED WORKING ON A CBDC "IN A LAB, WAITING TO SPRING IT ON CONGRESS"
Powell: The Fed isn't cooking up a secret digital dollar "in a lab" and waiting to "spring it on Congress." https://t.co/CuwqDnLpgj
Powell: The Fed isn't cooking up a secret digital dollar "in a lab" and "waiting to spring it on Congress."
Dovish Jerome Powell just made memecoiners a lot richer hahahaha @federalreserve @neelkashkari @ecb @bankofengland @Bank_of_Japan_j @GaryGensler
BREAKING - US Fed Chair Powell says ‘inflation is still too high’ https://t.co/1IbkdI8gUQ
Federal Reserve says CBDC is a "Key Duty" Wait, haven't they been denying they're working on it? Did Powell JUST deny CBDC? So what are the Feds "7 Key Duties" that they just told Congress? https://t.co/2pjAiffpZn