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Over 35 years experience working in oil and gas accounting with privately held oil and gas producing companies. Also have a blog that covers monetary system issues and the potential for major future monetary system change. (http://lonestarwhitehouse.blogspot.com/)  - email: ... more

Fed Chairman Discusses a US "Digital Currency" with Congress

Date: Tuesday, February 18, 2020 6:12 AM EDT

We continue to monitor this space since central banks do continue to talk about the idea of possible issuing central bank digital currencies. We have several articles on the blog this month that cover various aspects of this issue.

Here we have Fed Chairman Powell responding to Congressional inquiries about it. There is nothing really new to report here but below I have posted a couple of excerpts from this news article on Yahoo about Powell's recent comments to Congress.

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"On Tuesday, Federal Reserve Chairman Jerome Powell gave his monetary policy report in front of the U.S. House Financial Services Committee, and then withstood hours of questions from members of Congress.

Rep. Bill Foster, a Democrat from Illinois, spent his entire five minutes asking Powell about cryptocurrency.

That line of questioning yielded some perspective from Powell that the Fed chair not previously given, and his responses could stoke optimism or disappointment from many in the cryptocurrency world, depending on how they want to parse his typically very deliberate word choice.

So, what did we learn about Powell and crypto?"

. . . .

“Frankly, Libra really lit a fire,” Powell said, “and was a bit of a wakeup call that this is coming fast and could come in a way that is quite widespread and systemically important—fairly quickly, if you use one of these big tech networks like Libra did. We fully appreciate the importance of making quick progress—we have not decided to do this, though. There are many questions that need to be answered around digital currency for the United States, including cyber issues, privacy issues; many many operational alternatives present themselves, so we’re going to be working through all that.”

Please click here to read the full article on Yahoo Finance

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