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Federal Reserve Chair Jerome Powell has emphasized that the United States is not considering the implementation of a central bank digital currency (CBDC) anytime soon and reassured the public that such a system would not involve government surveillance of individuals.
During a Senate hearing on monetary policy, Powell stated that the Fed is far from making any recommendations regarding a digital dollar and has no intention of creating a system that would allow access to user data. He made it clear that Americans need not be concerned about this prospect.
Powell emphasized that if the Federal Reserve were to progress towards developing a digital currency, the existing banking system would be utilized to manage individuals’ accounts. He adamantly opposed the idea of a government account where all transactions could be monitored, emphasizing that such an approach would not be acceptable in the United States. He contrasted this stance with that of China, where the government can track user activity through its digital currency.
Despite assertions from U.S. officials that they are merely studying the concept of CBDCs, some Republican politicians, including former President Donald Trump, have expressed strong opposition to what they perceive as government overreach. Powell reiterated that any potential development of a digital dollar would involve the banking system, rather than individual accounts managed by the Federal Reserve.
Powell reiterated that specific authorizations from Congress and the White House would be necessary before the Federal Reserve could proceed with a digital dollar. This position was reaffirmed in response to a question from Senator Cynthia Lummis during the Senate hearing.
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