Regarding where the Fed is at on its CBDC work, Powell said:

We engage with the public on an ongoing basis. We are also doing research on policy and also on technology. That’s what we’re up to.

Noting that the Fed “did go out for comment, in general, on the CBDC a year or so ago,” Powell said he expects the central bank to do the same in the future but cannot give a date for when it will happen.

When asked about the Fed’s decisions regarding the structure and architecture for a CBDC, the Fed chairman clarified:

We are not at the stage of making any real decisions. What we are doing is experimenting in kind of early-stage experimentation.