Central Banking

Fed’s Powell: Virtual currencies ‘not ready’ for role in payments reform

powell-jerome
Jerome Powell

Virtual currencies are "not in a mature enough stage" to be considered as part of the Federal Reserve's faster payments initiative, according to Jerome Powell, a member of the Fed's board of governors.

Powell argued the level of adoption of virtual currencies is "simply not that high" at the moment. "While it may play a bigger role in the longer term, it is not really ready to play a role at this point," he said.

Last night he appeared alongside Federal Reserve Bank of Kansas City president Esth

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