The Fed Chairman has provided details on the launch of the digital cryptocurrency dollar

The chairman of the US Federal Reserve said that Congress should receive guidance from the Fed before introducing the central bank’s digital currency.

Jerome Powell spoke to the US House of Representatives Financial Services Committee. Before launching the digital dollar, the Fed needs to study everything carefully, as it will have a significant impact on the financial system.

«This is potentially a very important financial innovation that will affect all Americans. Our plan is to work on both the political and technological side of the issue in the coming years. And then to present our recommendations to Congress.»

The Fed has a lot of work to do, Powell warned.