Fed Chair Jerome Powell Argues private stablecoins can co-exist with US CBDC

Fed Chair Jerome Powell Argues private stablecoins can co-exist with US CBDC


On Jan. 11, Federal Reserve Chair Jerome Powell told Senate legislators that nothing prevents privately issued stablecoins from coexisting with a prospective Fed central bank digital currency (CBDC).

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Sen. Pat Toomey (R-Pa.) asked Powell during his confirmation hearing for a second term as Fed chairman whether there was place for a future Fed-issued digital currency to coexist with a privately issued stablecoin.

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Toomey asked:

“Is there anything about that that should preclude a well-regulated, privately issued stablecoin from coexisting with a central bank digital dollar if Congress authorizes and the Fed pursues a central bank digital dollar?”

Powell said the Fed would publish a study on digital currencies soon at a Senate Banking Committee meeting earlier this

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