Powell will not go forward with crypto without the support of Congress

Federal Reserve Chairman Jerome Powell said today that the Fed will not proceed with the use of a digital currency for the US Central Bank without the approval of Congress and that the current research on this topic focuses on the risks and benefits of not creating a prototype.

"We will not go forward without the support of Congress," when asked whether it is legal for the Federal Reserve to create a digital currency, Powell emphasized at the BIS conference and that passage of any authorization laws was required. Powell added that cooperation with the MIT cryptocurrency initiative "focuses on the possibilities and limitations of technologies and is not an attempt to create a prototype. Let's try to build the foundation and see what we learn."