Powell drops bombshell: Fed to play 'leading role' in developing digital currencies

Federal Reserve Chairman Jerome Powell announced Thursday that the world's largest central bank would strive to become a "leader" in providing central bank digital currency (CDC) standards.

"We are committed at the Federal Reserve to hearing a wide range of voices on this important issue before making any decision on whether and how to move forward with the U.S. CBC, taking account the broader risks and opportunities it could offer," Powell said in a statement. "We expect to play a leading role in developing international standards for CDCs."