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).
Jerome Powell Confirms Fed-issued Digital Currency Is Underway
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.
Trending: Biden 2024 Looks Increasingly Unlikely
“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