Jerome Powell, chairman of the Federal Reserve System of the US Central Bank, expressed the opinion that the central bank’s digital currency (CBDC) should coexist with cash.
According to Bloomberg on the 18th (local time), Fed Chairman Powell made the announcement in a pre-recorded video for the International Settlement Bank (BIS) conference scheduled for next week.
In the video, “Seven central banks, including the Fed, and the BIS have recently released a report and evaluated the CBDC’s viability.” I saw it.”
And one of the three principles set out in this report is that’CBDC must coexist with cash and other types of money in a flexible and innovative payment system’, Powell said.
In addition, he emphasized, “The new coronavirus infection (Corona 19) crisis has increased the need to address the limitations of the current cross-border payment method.”
Chairman Powell will be present as the last speaker at a conference on digital currency hosted by BIS in Basel, Switzerland on the 22nd.