Jerome Powell, Fed Chair, said that the U.S. Federal Reserve won’t be launching Central Bank Digital Currency any time soon.
Powell, during the Senate Committee on Banking, Housing and Urban Affairs Hearing earlier this week, Powell discussed The central bank’s position on a CBDC, as the Biden Administration urged further research and evaluation of risks and benefits associated with creating a digital currency.
“We are not advocating or recommending the adoption of a digital currency by a central bank in any form. But, we do believe that as technology evolved, money became digital.
You won’t find any physical dollars in your account. They’re digital. “The idea was that the government would create a digital currency that people could transfer between themselves.”
Powell, citing privacy concerns about the use of digital currency, says that the Fed doesn’t want a CBDC which would allow the government access to people’s transactions.
“That’s just something we would not stand for or do or propose here in the United States. That is how it works in China, for example.”
He said if the US ever adopt A CBDC would be processed through the banking system.
“If we ever did something like this – and we are a long way away from thinking about this – we would do it through the banking system.
We, at the Federal Reserve, do not want to see individual accounts set up for Americans in general or for any Americans. Accounts like that are only available at banks. We’ll keep it that way.
It’s really just a matter of keeping up with technology and implementing it in a manner that benefits the public. The public doesn’t need worry about a digital currency from a central banking system, and it is unlikely to occur anytime soon.
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