{"id":592744,"date":"2021-07-15T18:52:39","date_gmt":"2021-07-15T22:52:39","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=592744"},"modified":"2021-07-15T18:52:51","modified_gmt":"2021-07-15T22:52:51","slug":"watch-fed-chair-says-his-mind-is-open-on-a-digital-dollar","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/watch-fed-chair-says-his-mind-is-open-on-a-digital-dollar\/","title":{"rendered":"WATCH: Fed Chair Says His \u2018Mind Is Open\u2019 On A \u2018Digital Dollar\u2019"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fwatch-fed-chair-says-his-mind-is-open-on-a-digital-dollar%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=592744&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/07\/GettyImages-1233995115-scaled-1.jpg?w=1200&amp;h=800&amp;ixlib=react-9.0.3\" class=\"ff-og-image-inserted\" \/><\/div>\n<p><span>During testimony before Congress this week, Federal Reserve Chair Jerome Powell stated that his \u201cmind is open\u201d about the adoption of a \u201cdigital dollar.\u201d<\/span><\/p>\n<p><span>Across the globe, central bankers are <\/span><a href=\"https:\/\/www.dailywire.com\/news\/buy-ban-or-copy-how-governments-are-responding-to-the-cryptocurrency-revolution\"><span>considering<\/span><\/a><span> central bank digital currencies (CBDCs) as an alternative other digital assets \u2014 such as cryptocurrencies, which are virtual coins kept anonymous and protected from counterfeiting via encryption, and stablecoins, which are cryptocurrencies that attempt to peg themselves to another asset such as gold or the dollar.<\/span><\/p>\n<p><span>Nations such as <\/span><a href=\"https:\/\/www.wsj.com\/articles\/china-creates-its-own-digital-currency-a-first-for-major-economy-11617634118\"><span>China<\/span><\/a><span>, <\/span><a href=\"https:\/\/www.coindesk.com\/ecuador-bans-bitcoin-legislative-vote\"><span>Ecuador<\/span><\/a><span>, <\/span><a href=\"https:\/\/www.reuters.com\/article\/thailand-economy-cenbank\/thai-central-bank-to-test-retail-baht-digital-currency-next-year-idUSL4N2LV0WA\"><span>Thailand<\/span><\/a><span>, and <\/span><a href=\"https:\/\/www.arabianbusiness.com\/banking-finance\/455283-uae-saudi-arabia-cenbanks-satisfied-with-results-of-common-digital-currency-plan#:~:text=The%20central%20banks%20of%20the,for%20a%20common%20digital%20currency.&amp;text=Plans%20to%20develop%20the%20Aber,Blockchain%20and%20distributed%20ledgers%20technologies.\"><span>Saudi Arabia<\/span><\/a><span> have discouraged the use of cryptocurrency while creating their own CBDCs. Although the Fed <\/span><a href=\"https:\/\/www.coindesk.com\/jerome-powell-cbdc-report-coming-in-early-september\"><span>planned<\/span><\/a><span> to issue a report about a potential \u201cdigital dollar\u201d this month, Powell said that the central bank\u2019s findings will be delayed until early September.<\/span><\/p>\n<p><span>Most CBDCs mimic cryptocurrencies \u2014 including Bitcoin \u2014 through their use of blockchain technology, with the added benefits of stability and widespread acceptance. However, users of CBDCs would potentially lose the benefits of the decentralization and anonymity offered by conventional cryptocurrencies.<\/span><\/p>\n<p><span>Lawmakers \u2014 including Sen. Pat Toomey (R-PA) \u2014 questioned Powell on his current attitudes toward the digital dollar.<\/span><\/p>\n<p>\n<iframe loading=\"lazy\" title=\"Fed Chair Jerome Powell: Undecided on need for central bank digital currency\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/3HrEfwIWlBw?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/p>\n<p><span>\u201cDuring your testimony yesterday, I sensed\u2026 what might be a change in your tone about the virtues of a central bank digital currency being issued by the Fed,\u201d said Toomey. \u201cOne of the things you said yesterday is that one of the stronger arguments in favor of a CBDC is that \u2018you wouldn\u2019t need stablecoins, you wouldn\u2019t need cryptocurrencies if you had a digital U.S. currency.\u201d<\/span><\/p>\n<p><span>\u201cOf course, isn\u2019t the reverse also true?\u201d asked Toomey. \u201cIf you have stablecoins, cryptocurrency is in use, then maybe there\u2019s no need for a central bank digital currency\u2026 It is still not clear to me what a central bank digital currency would solve, and I wonder if you think there are problems that only a central bank digital currency can solve.\u201d<\/span><\/p>\n<p><span>Powell responded that he is \u201clegitimately undecided\u201d if the \u201cbenefits outweigh the costs\u201d of a CBDC: \u201cI would agree that the more direct route would be to appropriately regulate stablecoins, which we don\u2019t do right now.\u201d<\/span><\/p>\n<p><span>\u201cWe would want very broad support in society and in Congress,\u201d continued Powell. \u201cIt\u2019s a very, very important initiative, and I do think we should ideally get authorization.\u201d<\/span><\/p>\n<p><span>\u201cI think our obligation is to explore both the technology and the policy issues over the next couple of years,\u201d he continued. \u201cThat\u2019s what we\u2019re going to do so that we\u2019re in a position to make an informed recommendation. Again, my mind is open on this, and I honestly don\u2019t have a preconceived answer to these questions.\u201d<\/span><\/p>\n<p><span>At the time of this article\u2019s writing, Bitcoin has observed a two-month bear run. It is currently priced at roughly $31,500 apiece.<\/span><\/p>\n<p><i><span>The Daily Wire is one of America\u2019s fastest-growing conservative media companies and counter-cultural outlets for news, opinion, and entertainment. Get inside access to The Daily Wire by becoming a <\/span><\/i><a href=\"https:\/\/www.dailywire.com\/subscribe\"><i><span>member<\/span><\/i><\/a><i><span>.<\/span><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>During testimony before Congress this week, Federal Reserve Chair Jerome Powell stated that his \u201cmind is open\u201d about the adoption of a \u201cdigital dollar.\u201dAcross the globe, central bankers are considering &#8230;<\/p>\n","protected":false},"author":1,"featured_media":2315279,"comment_status":"close","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-592744","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/592744","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=592744"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/592744\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=592744"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=592744"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=592744"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}