Powell "Digital Dollar Report to be Released Within Weeks"... Bitcoin Recovers to $42,000

[Asia Economy New York=Correspondent Baek Jong-min] Jerome Powell, Chairman of the U.S. Federal Reserve (Fed), has announced that the Fed's research report on the digital dollar (CBDC) will be released soon.

[Image source=Reuters Yonhap News]

On the 11th (local time), Powell appeared at a Senate confirmation hearing and responded to a lawmaker's question about why the research report on the digital dollar was delayed by saying, "The report is ready. It will probably be released within a few weeks."

Powell had previously expected to release an internal Fed report on the digital dollar around September last year but was unable to follow through.

Powell evaluated the release of the research report on the digital dollar as a starting point for discussion. He said, "We will probably have various positions, but for now, (the report release) will be a process to seek public questions and opinions."

Regarding the question, "If Congress allows the Fed to issue a digital dollar, can existing stablecoins coexist?" Powell also said, "That will not be the case."

Meanwhile, on the same day, the cryptocurrency Bitcoin was trading at $42,841, up 3.4% compared to 24 hours earlier. Ethereum rose by as much as 6.16%, trading at $3,240.

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