Powell: Bitcoin and other cryptocurrencies have failed to become a popular means of payment

Federal Reserve Chairman Jerome Powell said today that he has not made a decision on the pros and cons of a central bank digital currency but that he wants to get permission from Congress before taking any action to create one. “I am legitimately hesitant about whether the benefits outweigh the costs or the other way round,” Powell added, explaining that Bitcoin and other cryptocurrencies have completely failed to become a popular means of payment.

If the Fed issues its own digital currency, Powell explained, "we want very broad support in society and Congress and it would be better if it took the form of mandate legislation rather than a very careful reading of the vague law."