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Federal Reserve Vice Chairman for Supervision, Michael Barr, made important remarks in a live broadcast just now. Barr stated that the central bank is “far away” from making any decision regarding its own digital currency and emphasized that there would be no work on CBDCs without support from Washington.
Critical Statements from FED Official
Federal Reserve Vice Chairman for Supervision, Michael Barr, made significant statements regarding CBDCs during the day. Michael Barr expressed that the Fed is “far away” from making any decision regarding its own digital currency.
Barr, stating that no steps will be taken for the development of a central bank digital currency (CBDC) unless support comes from Washington, also added that the Fed will only take action with the explicit support of the US President and the legislative authority of Congress. On the other hand, Barr did not make any statements regarding monetary policies and the next interest rate decision of the Fed.
CBDC Discussions Continue
With the acceleration of the studies on cryptocurrency regulations in many countries, central bank digital currencies have also become an important topic of discussion during this process. Some central banks in countries have started working to develop their own digital currencies.
In recent times, there have been many significant developments regarding CBDCs. Additionally, countries’ CBDC policies have also undergone significant changes. As mentioned in Michael Barr’s statements today, the Fed has not yet taken a concrete step towards issuing its own CBDC.
