Chairman of the US Federal Reserve Jerome Powell spoke before the Senate on Thursday, stating that the US was “nowhere near” CBDC development, according to Finextra.
Powell said that the Fed were not close to implementing a digital dollar, as it has no interest in a system that would require user data, saying that the US government would not back a service where the government would be able to see and monitor citizens’ transactions.
„We’re nowhere near recommending – or let alone adopting – a central bank digital currency in any form,” Powell stated, adding: „people don’t need to worry about it.”
Powell continued that if they were to implement a digital dollar in the future, it would be through the banking system and not the Federal Reserve. Powell stated that central bank will need authorisation from the White House and Congress to move forward with a US digital currency.
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Many more interesting quotes in the video below:
