Fed's Powell: We don't want to destabilize with a central bank currency
Comments from Powell at a BIS innovation Powell
- We have a two-tier system, we don't want to compete with banks
- We want to be able to co-exist with the current system and cash
- We're doing a broad system of experimentation
- To move forward on digital currency, we would need broad buy in from Congress, the administration and the public
Powell made it very clear that nothing will be done to hurt the banking industry.