Jerome Powell, the Chairman of the Federal Reserve told Congress on Tuesday that the Fed is looking carefully at whether they should issue a digital US dollar. Powell discussed the level of priority of a digital currency being developed by the Fed. Jerome Powell Tells Congress About Fed’s Digital Dollar Jerome discussed the project with Congress and revealed that a digital US dollar developed by the Fed is a project of high priority for them, and added: “There are significant technical and policy questions related to a digital US dollar.” “We are committed to solving the technical problems, and consulting very broadly with the public and very transparently with all interested constituencies as to whether we should do this.” Jerome also stressed the US dollar is the reserve currency of the world and mentioned that the US doesn’t necessarily need to be the first in issuing a digital dollar. However, he cleared that the US needs to get it done right. In addition to this, he said: “This is something we’re investing time and labor in, across the Federal Reserve System.” Central Banks Across the World Looking Into Similar Ideas Many Central Banks across the world have already started looking into developing digital currencies. For example, China has started testing the digital Yuan, and other countries like Japan, France, and the United Kingdom, are actively researching their versions of digital currencies. Jerome Powell stated last month that he was working on coming up with some regulatory answers for these non-US digital currencies. Remarking the long way of the economy from the recovery goals of the Fed, Jerome revealed plans of keeping the interest rates low for quite some time. In March 2020, the Fed lowered the interest rates to zero as a response to the coronavirus. However, the Fed still believes that things are in need of a kickstart.
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