Fed Chair Powell Says Americans ‘Don’t Need to Worry About a Central Bank Digital Currency’

Published on March 7, 2024

The American people do not need to be concerned about the creation of a central bank digital currency (CBDC), Federal Reserve Chair Jerome Powell said during his second round of testimony on Capitol Hill. CBDCs have garnered more attention in Washington, with Republican senators backing legislation to ban the creation of Fed-supported digital currencies. Despite concerns surrounding establishing or adopting a digital dollar, Mr. Powell assured the Senate Banking Committee that the central bank is far from recommending or installing a CBDC “in any form.” The Fed chief identified the risk of the federal government potentially seeing all of the public’s transactions, comparable to how the digital yuan functions in China. He added that the Fed would not want to manage any individual accounts for Americans....

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