Federal Reserve Chair Jerome Powell, in recent statements and testimonies before the Senate Banking Committee, emphasized that the United States is not remotely close to adopting or recommending a central bank digital currency (CBDC). Powell reassured the public and lawmakers that concerns about a CBDC being used to spy on Americans are unfounded, stating any potential CBDC system would operate through the banking system and would not be designed with surveillance capabilities. He also highlighted the necessity of congressional approval before any CBDC could be introduced and firmly pushed back against the notion of the Federal Reserve financing deficits or implementing a CBDC in the near future.
Jerome Powell the Fed Chair announces CBDC unlikely to be Implemented in the US soon. IMO: Stable coins backed by US Treasuries will become legal tender.
NEW: ๐บ๐ธFed Chair Jerome Powell says "we don't print money to fund the deficit. That's not what happens" Believe him? ๐ค๐ https://t.co/h1yPpgeuet
Fed Chair Powell Eases #CBDC Concerns: US Far From Direct Fed Accounts, Emphasizes Need for Congressional Approval https://t.co/RcrjFfOa2A
Powell says Fed not "remotely close" to a central bank digital currency https://t.co/hvU55ADg61 https://t.co/qtaJNHh7DP
In testimony before the Senate Banking Committee, Federal Reserve Chair Jerome Powell stated the Federal Reserve is nowhere near making a recommendation or adopting a CBDC https://t.co/IlmzpQMj4m
My colleagues in the US report that Jerome Powell has firmly pushed back on a CBDC being rolled out in the US anytime soon. https://t.co/fbXnY8a6ZS
No need to worry about a CBDC 'anytime soon,' Fed Chair Jerome Powell tells lawmakers https://t.co/7TUQ6557U0
U.S. Federal Reserve Chair Jerome Powell told senators that a U.S. CBDC wouldn't be designed to spy on Americans, per CoinDesk
Jerome Powell said people donโt need to worry about a CBDC and it would never support SPYING on Americans. He also said that if there were such a system it would go through the banking system. Do you believe him? https://t.co/DLkedUXOBA
JUST IN: ๐บ๐ธ Fed Chair Powell reaffirms the Federal Reserve cannot introduce a CBDC without congressional approval. https://t.co/hzCKkfCvgp
U.S. Federal Reserve Chair Jerome Powell told senators that a U.S. CBDC isn't just around the bend, and he said the Fed wouldn't design one to spy on Americans. @jesseahamilton reports https://t.co/QlSCN2NHPG
Powell: "We're not financing these deficits." https://t.co/aayiR5r2Ow
Powell on CBDC: We are nowhere near recommending or adopting a central bank digital currency. People do not need to worry about a central bank digital currency that is no where near close to happe3ning. (this actually has been his stance since day one...one reason to keep him)