InstaForex

July 5, 2021

Jerome Powell Holds 'Difficult' Meeting With Coinbase CEO, Digital Dollar Project

 Federal Reserve (The Fed) Chairman Jerome Powell reportedly met with Coinbase CEO Brian Armstrong on May 11th.


A face -to -face meeting between the two figures took place a few days before the Fed announced a white paper regarding plans for the establishment of its digital currency.


However, neither side commented further.


Does this meeting bode well?



Powell was among the individuals who disagreed with the idea of ​​a cryptocurrency. This figure has also criticized the instability of the price of cryptocurrency and its technology which has eroded the country's ability to exercise supervisory control.


Yet these individuals have no hesitation in the development of the digital dollar or central bank currency (CBDC) and its potential for the U.S. economy. For now, the CBDC in the country is still at an early stage and they do not want to lose out to China’s progress.


Powell also held a virtual meeting with Digital Dollar Project pioneer, cum former chairman of the Commodity Futures Trading Commission (CFTC), Christopher Giancarlo the next day on May 12th.


Perhaps the meeting involves issues related to the digital dollar as the U.S. has already begun to focus on the digital financial sector.