December 6, 2022

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According to the Central Bank of the United States, Jerome Powell has updated his work on the virtual dollar – and says that the development of the virtual currency will take at least a few years.

During a session on digital banking organized by the Bank of France on Tuesday, Federal Reserve Chairman Jerome Powell gave an overview of the central bank’s work on the virtual dollar.

He began by saying that the currency is not disappearing in the United States, which is still highly dependent on cash. But the governor of the Central Bank indicated that it is decreasing, not in real terms, but for non-cash transactions.

Powell said the Fed is actively studying the “potential costs and benefits” of issuing a US central bank digital currency. However, he stressed that they have not made a decision yet and are not planning to do so for some time.

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Powell said he believes it is not only a partnership with Congress, but also with the executive management, which provides expertise on the range of issues they face here.

He further said that approval from both the Executive Administration and Congress would be required to move the CBD forward.

Noting that the Federal Reserve has not yet decided whether to release a virtual dollar, Powell said it is at this point and has a significant amount of work to do.

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