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Powell Says Central Bank Digital Currency Must Coexist With Cash

Jerome Powell

Jerome Powell

Photographer: Al Drago/The New York Times/Bloomberg


Potential central bank digital currencies would need to be integrated into existing payment systems alongside cash and other forms of money, Federal Reserve Chair Jerome Powell said.

“A recent report from the Bank for International Settlements and a group of seven central banks, which includes the Fed, assessed the feasibility of CBDCs in helping central banks deliver their public policy objectives,” Powell said Thursday in prerecorded video remarks delivered to a payments conference in Basel, Switzerland.