Ahead of the Federal Reserve’s announcement that it would issue a discussion paper on central bank digital currencies, Chairperson Jerome Powell met with Coinbase CEO Brian Armstrong.
According to Powell’s meeting calendar, which was made public on Friday, Fed Chairman Held A 30-minute meeting with Armstrong as well as former Speaker of the House of Representatives Paul Ryan on May 11. The reason for Ryan’s presence is unclear – the former speaker left politics in early 2019 and is now with private equity investment firm Solamare Capital.
While Powell’s schedule did not reveal the topics of discussion, Armstrong referenced the meeting in a Twitter thread on May 14. Coinbase CEO said His goal of talking to members of Congress and the heads of various federal agencies was to help answer lawmakers’ questions about crypto and gain greater regulatory clarity for the technology in the United States.
At that time, Armstrong said He expressed his opinion on China’s central bank digital currency, or CBDC, saying that he believes it “poses a threat to the US reserve currency position if the US is too quickly to create its own currency.” Doesn’t progress.” A little over a week later, Powell announces Fed Implementation of CBDC will have to proceed with research.
Prior to that announcement, the Fed chairman spoke at length about the potential implications of issuing a CBDC in the United States, saying he believes It was more important to “get it right than it was before.” However, his May statement included plans to release a discussion paper on CBDCs and digital payments this summer.
While the US government has yet to make a decision about a digital dollar, China continues to pilot its CBDCs in several provinces to make it cheaper. Last month, 100,000 people in the Shenzhen area Received $31 million worth of digital yuan, and were able to use ATMs to exchange their digital holdings for fiat.
Cointelegraph contacted the Federal Reserve for comment, but did not receive a response at the time of publication.