🚫Fed Chairman Powell rejects US CBDC, digital dollar is out of the question?
Fed Chairman Jerome Powell has said that he will not launch a central bank digital currency (CBDC), or digital dollar, during his term in office in the United States. This is really annoying!
At a hearing of the Senate Banking Committee on Tuesday, Senator Bernie Moreno asked Powell directly: "Can you guarantee that as long as you are still the chairman of the Federal Reserve, there will be no central bank digital currency in the United States?" Powell answered very straightforwardly: "Yes!" The attitude is very clear!
The Federal Reserve has actually been studying CBDC before, wanting to see if this currency can make the payment system more efficient and safer. But now it seems that, at least during Powell's term, the digital dollar is basically out of the question.
Powell's statement actually reflects the difference between US policies and global trends. Now many countries in the world are developing their own digital currencies. For example, the digital RMB in mainland China has been piloted since 2020, and Russia, Turkey, and Japan are also exploring similar things. But the United States, especially Republican lawmakers, have always opposed the government issuing digital currencies.
Last year, the U.S. House of Representatives also passed a bill prohibiting the Federal Reserve from issuing CBDCs. Recently, President Trump also issued an executive order prohibiting federal agencies from promoting or issuing CBDCs. It seems that there are great differences of opinion in the United States on the issue of CBDCs. Coupled with Powell's clear statement, it may be a relief for those who are worried that CBDCs will affect personal freedom and privacy. However, some people think that the United States is lagging behind in this matter, so they do this.
💬 Do you think it is a good or bad thing for the United States not to engage in CBDCs? Does this mean that the United States will lag behind in the digital currency track? Leave a message in the comment area to discuss!
