Chairman of Federal Reserve had a meeting with Coinbase CEO in may
The Federal Reserve Chairman Jerome Powell had a meeting with cryptocurrency exchange operator Coinbase Global Inc's chief executive. The meeting surely has been quiet with a purpose in May as before this which announcement was made for a white paper examination. On July 2, this meeting’s record showed that the meeting was personally attended by Paul Ryan who is a former U.S. House of Representatives Speaker.
As per the records that are now open, the meeting that took place with Coinbase CEO Brian Armstrong which was publicly made. On May 20 after quite sometime Powell said the Fed would release a discussion paper this summer "outlining our current thinking on digital payments, with a particular focus on the benefits and risks associated" with establishing a central bank digital currency.
Now due to this, policymakers are all ramping to explored more of the digital dollar potentiality. The Boston fed has also come up with a plan to conduct a multiyear research project. This was to be done along with Massachusetts Institute of Technology. There is a scope of this project to come up with a central banking digital currency.
The initial phase of such findings will be not yet displayed but soon shall be released in this quarters. Further the policymakers are also hoping to find out the central bank digital currency perks and drawbacks.
It is not just Powell but also other officials who have clearly stated that official proceedings cannot be done if there is congressional action not taken. This certainly has come up with strong scepticism from the officials who state that certain perks of digital currency are available through other means too.
After the record has been out, investors acorns the glove are now waiting what possible change it can bring
CBW - External Analyst