US Federal Reserve “nowhere near recommending, let alone adopting” a CBDC, chairman tells Congress
The US Federal Reserve is “nowhere near recommending, let alone adopting” a central bank digital currency (CBDC), according to comments by Jerome Powell, chairman of the Federal Reserve, made during the semi-annual Monetary Policy Report to Congress last week.
US Federal Reserve “nowhere near” CBDC adoption
During the hearing, Kevin Cramer, senator for North Dakota, questioned Powell regarding the Federal Reserve’s research of and experimentation with a potential CBDC, and how the central bank could in theory appease consumers’ concerns around privacy and government control.
Powell responded to this by confirming that the Federal Reserve is “nowhere near recommending, let alone adopting a CBDC in any form”, adding that “people don’t need to worry” and “nothing like that is is remotely close to happening anytime soon”.
Addressing the user privacy concerns relating to government-controlled accounts, Powell reassured Cramer it was “something we would not stand for, or do, or propose here in the US”.
“If we were to ever do something like this, and we’re a very long way from even thinking about it, we would do this through the banking system. The last thing the Federal Reserve would want would be to have individual accounts for all Americans or any Americans for that matter. Only banks have accounts. That’s the way we’re going to keep it.”
Powell closed his comments on the matter with: “It’s just really a question of following technology as it evolves and in a way that serves the public better.”
Republican presidential candidate Donald Trump previously stated that he would block the issuance of a CBDC should his presidential bid prove successful this year, while amendments to the Federal Reserve Act last month by Texas senator Ted Cruz currently seek to prohibit a CBDC’s issuance among banks entirely.
Interesting statement from the Fed. They said there was no inflation, that it was only temporary, that the economy was great. Forgive me if I question their voracity.
Inflation is transitory and not a concern people don’t need to worry….. Tyrant’s never tell you the truth
Lies, lies, lies. Same old BS. Same story, just believe anything we say. They (gov’t) want you to suffer, be a true American and give until your broke. They love spending OUR money while the only time they “work” is to get re-elected