Federal Reserve Chairman Jerome Powell said central banks should design and implement CBDCs, not private entities.
Federal Reserve officials see U.S. inflation as likely to stay below 2% over the next three years, based on a new summary of economic predictions released Wednesday by the central bank.
Bitcoin prices slid Tuesday after the U.S. Federal Reserve announced an emergency cut in interest rates to counteract risks to the economy from the spreading coronavirus.
Bitcoin jumped the most in two weeks Monday, surging alongside U.S. stocks amid speculation that the Federal Reserve and other central banks will support markets as the coronavirus spreads.
As U.S. stocks tumbled on Monday by the most in six months amid renewed coronavirus fears, bitcoin barely budged - at least in terms of the notoriously volatile cryptocurrency’s trading history.
Fed Chairman Powell has given financial privacy advocates a glimmer of hope – and hinted at how the U.S. might competitively position a digitized dollar.
Bitcoin’s price is trending solidly back above the five-digit figure mark.
Jerome Powell has said his institution is looking into the possibility of developing a digital currency, but the option throws up many policy questions and unclear benefits.
"We are concerned that the primacy of the U.S. Dollar could be in long-term jeopardy from wide adoption of digital fiat currencies."
Donald Trump took aim at bitcoin last week. He also kicked off a whole new phase in bitcoin's mainstream moment.
Powell compared bitcoin to gold, referring to them both as speculative stores of value.
Fed Chairman Jerome Powell said Facebook should not be allowed to launch its Libra cryptocurrency until the company details how it will handle a number of regulatory concerns.
Fed chair Jerome Powell was asked about Facebook's Libra cryptocurrency during a press conference Wednesday.
Federal Reserve Chairman Jerome Powell criticized cryptocurrencies during a hearing on Capitol Hill.