Fed chair Powell floats central bank digital currency and more regulation of cryptocurrencies

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2021-05-24 02:00:12

By Jonathan Greig | May 20, 2021 -- 23:57 GMT (16:57 PDT) | Topic: Banking

Federal Reserve Board Chair Jerome Powell released a lengthy video and statement on Thursday announcing that the Federal Reserve will get more involved in cryptocurrency and may even create its own digital currency down the road.

Alongside further research into cryptocurrencies, Powell said the Federal Reserve will be releasing a discussion paper this summer that will "explore the implications of fast-evolving technology for digital payments, with a particular focus on the possibility of issuing a US central bank digital currency."

"As the central bank of the United States, the Federal Reserve is charged with promoting monetary and financial stability and the safety and efficiency of the payment system," Powell said on Thursday.