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Fed Chairman Powell on Digital Currency

FED
Fed Chair Powell discussed rise of interest in digital currency.
  • The "financial system, payments, all of that, most people's financial lives, they're fully digital. Most of that digital finance, it takes the form of a bank account. You interact with the bank account digitally, of course it is ensured up to $250,000 the with deposit insurance and more and more payments are taking place digitally and less and less in the form of digital currency.
  • Powell said "that's why central banks all over the world are looking at the question of should they create a digital form of currency because right now we provide -- we only provide digital currency for interbank transactions in the form of reserve, we provide physical cash for the public."
  • However, "we don't actually provide a digital currency for the public and it is a very interesting and challenging question whether we should, of course, there are many, many, you mentioned a number of credit cards, debit cards, bank accounts, all of those things that amount to digital forms of private money. That's something we're looking at now."
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