Fed Chairman Dismisses the Need of Bitcoin after Digital Currency Launch

As per the trusted sources of information, Jerome Powell, the Chairman of Financial Services Committee, Federal Reserve in the US stated that while the central bank is focusing on its study to understand the feasibility of the Digital currency, it would not be forced or come under the pressure of launching the currency Digital just under the pressure of other countries going ahead and launching them.

He further added that when a cyptocurrency is launched by the United States, the country is likely to make cryptocurrencies such as the bitcoin ot stablecoins like Tether totally out of the picture. He further stated that one of the major arguments that are in the favor of Digital currency is that there wont be any need for cyrptocurrencies as well as stable coins as soon as the US launches its own currency.

As per the trusted sources of data, currently, the Fed is doing research for a study which is likely to be published in the month of September in this year, which given complete information about the risks, benefits, and considerations that are likely to take in consideration when it comes down to the Digital payments.

Also, reportedly, Powell further states that the whole group of the issues and the payment mechanisms are in the regulatory case of the CBDC, which brings out the questions for public to answer about what good it can do. It further gives information about what cost and benefits it could bring to the table he added.