{"id":39228,"date":"2021-03-19T14:01:51","date_gmt":"2021-03-19T12:01:51","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=39228"},"modified":"2025-08-30T08:32:25","modified_gmt":"2025-08-30T05:32:25","slug":"jerome-powell-cbdcs-will-not-replace-fiat","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/jerome-powell-cbdcs-will-not-replace-fiat\/","title":{"rendered":"Jerome Powell: CBDCs will not replace fiat"},"content":{"rendered":"<p>The head of the Federal Reserve (Fed) Jerome Powell said that central bank digital currencies (CBDCs) will not replace ordinary money, but will coexist with it.<\/p>\n<p><!--more--><\/p>\n<blockquote class=\\\"twitter-tweet\\\">\n<p dir=\\\"ltr\\\" lang=\\\"en\\\">Remarks by Chair Powell: <a href=\\\"https:\/\/t.co\/gxa8YtRPKb\\\">https:\/\/t.co\/gxa8YtRPKb<\/a> Watch live: <a href=\\\"https:\/\/t.co\/V9IFqKcYGY\\\">https:\/\/t.co\/V9IFqKcYGY<\/a><\/p>\n<p>\u2014 Federal Reserve (@federalreserve) <a href=\\\"https:\/\/twitter.com\/federalreserve\/status\/1372578361776730118?ref_src=twsrc%5Etfw\\\">March 18, 2021<\/a><\/p>\n<\/blockquote>\n<p><script async src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script><br \/>\nDuring a speech at a conference on virtual payments, Powell noted that improving the global payments system should be driven not only by the public sector, but also by the private sector.<\/p>\n<blockquote>\n<p>\u201cCBDCs must coexist with cash and other forms of currency in a flexible, innovative payments system,\u201d said the head of the Fed.<\/p>\n<\/blockquote>\n<p>According to him, the Board of Governors is experimenting with CBDCs together with the Federal Reserve Bank of Boston and the Massachusetts Institute of Technology.<\/p>\n<p>In November 2020, Christine Lagarde, head of the European Central Bank, said that the regulator <a href=\"https:\/\/forklog.com\/en\/news\/ecb-chief-launch-of-digital-euro-possible-within-the-next-four-years\">will not rush to launch its own CBDC<\/a>. If a decision is taken, it could take two to four years.<\/p>\n<p>In January 2021, Powell described <a href=\"https:\/\/forklog.com\/en\/news\/jerome-powell-says-regulating-stablecoins-is-a-fed-priority\">regulating stablecoins is more important than issuing the U.S. digital dollar<\/a>. According to him, American authorities are not eager to be the first in the world to issue a CBDC, because they have already been pioneers, having created the global reserve currency.<\/p>\n<p>Earlier in March, the chair of the U.S. Senate Committee on Banking, Sherrod Brown, urged the Fed <a href=\"https:\/\/forklog.com\/en\/news\/us-senator-urges-fed-to-lead-study-into-the-digital-dollar\">to explore the possibility of issuing a digital dollar<\/a>. He believes the agency should become a leader in CBDC.<\/p>\n<p>Subscribe to ForkLog news on Telegram: <a href=\\\"https:\/\/t.me\/forklogfeed\\\" target=\\\"_blank\\\" rel=\\\"nofollow noopener\\\">ForkLog Feed<\/a> \u2014 the full news feed, <a href=\\\"https:\/\/telegram.me\/forklog\\\" target=\\\"_blank\\\" rel=\\\"nofollow noopener\\\">ForkLog<\/a> \u2014 the most important news and polls.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The head of the Federal Reserve, Jerome Powell, said that central bank digital currencies (CBDCs) will not replace ordinary money, but will coexist with it.<\/p>\n","protected":false},"author":1,"featured_media":39229,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1095,1334,1249,1614,1440,26],"class_list":["post-39228","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cbdc","tag-digital-dollar","tag-federal-reserve-system","tag-fiat-currencies","tag-jerome-powell","tag-usa"],"aioseo_notices":[],"amp_enabled":true,"views":"14","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/39228","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=39228"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/39228\/revisions"}],"predecessor-version":[{"id":39230,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/39228\/revisions\/39230"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/39229"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=39228"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=39228"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=39228"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}