Fun

Fed’s Powell allays digital dollar anxiety as nations ramp up CBDC efforts

News Feed - 2024-03-08 10:03:22

Jesse Coghlan7 hours agoFed’s Powell allays digital dollar anxiety as nations ramp up CBDC effortsFederal Reserve chair Jerome Powell says the U.S. is a “long way” from launching one, and even if it did, it wouldn’t spy on users.1444 Total views17 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksThe United States is “nowhere near” any form of central bank digital currency (CBDC) and even if it was, the central bank has no interest in one that surveils users, says Federal Reserve chair Jerome Powell.


“I want to say that we’re nowhere near recommending or let alone adopting a central bank digital currency in any form,” Powell said in a March 7 hearing before the Senate Committee on Banking, Housing, and Urban Affairs.


It comes the same day as Hong Kong’s central bank launched a new push for a wholesale CBDC and days after geopolitical bloc BRICS reportedly started work on a blockchain-based payments system.


A Philippines central bank official also said on March 6 that the country’s wholesale CBDC would be completed by the end of the year.


Powell also addressed concerns that a retail-focused CBDC could allow for surveillance and “that the government would see all your transactions” — highlighting China’s digital yuan as an example.“That’s just something we would not stand for, or do, or propose here in the United States.”


If the Fed was to ever launch a CBDC — which it’s “a very long way from even thinking about” — it would be done “through the banking system,” Powell added.


“The last thing we would want — we, the Federal Reserve, would want — would be to have individual accounts for all Americans, or any Americans for that matter,” he said.


“Only banks have accounts at the Fed, and that’s the way we’re going to keep it,” Powell asserted. “People don’t need to worry about a central bank digital currency, nothing like that is remotely close to happening anytime soon.”Powell speaking before a Senate committee said the Federal Reserve isn’t interested in a CBDC. Source: U.S. Senate


Powell has long said it’s up to Congress to give the Fed permission to make a retail CBDC and he again affirmed that position during the hearing.


Related:US senators oppose Joe Biden’s CBDC plans


Senator Cynthia Lummis claimed there were concerns “about the Fed creating a CBDC without legislative authorization.”


“Do you still agree that the Federal Reserve cannot introduce a U.S. central bank digital currency without congressional authorization?” Lummis asked Powell.


“Yes, I do,” Powell responded.


December 2023 data from Washington D.C. think tank the Atlantic Council shows 11 countries — mainly in the Caribbean — have launched a CBDC. Pilot CBDC trials are active in 21 countries, including China’s e-yuan, and 33 are still developing their CBDC implementations.


President Joe Biden signed an executive order in March 2022 that urged the Fed to explore a possible CBDC.


Magazine:Lawmakers’ fear and doubt drives proposed crypto regulations in US# Federal Reserve# Congress# Central Bank# United States# CBDC# RegulationAdd reactionAdd reaction

News Feed

BTC price bounces at $66K as BlackRock adds US banks to Bitcoin ETF
William Suberg8 hours agoBTC price bounces at $66K as BlackRock adds US banks to Bitcoin ETFBitcoin sets up another run at the key $69,000 zone as U.S. banks including Goldman Sachs are revealed as BlackRock ETF “Autho
3 memorable moments from Donald Trump’s ‘Mugshot’ NFT event
Brayden Lindrea4 hours ago3 memorable moments from Donald Trump’s ‘Mugshot’ NFT eventDonald Trump says he helped make “NFTs hot again” and even dissed his own political rival’s unofficial memecoin — sending
Tether announces restructuring to go beyond stablecoins
Helen Partz13 hours agoTether announces restructuring to go beyond stablecoinsWith the new divisions, Tether aims to expand its mission to provide a range of new infrastructure solutions, investments and services.3415 To
Cardano finally gets fiat-backed stablecoin USDM after huge delays
Brayden Lindrea4 hours agoCardano finally gets fiat-backed stablecoin USDM after huge delaysMehen Finance planned to launch USDM in early 2023 but saw delays after crypto-friendly banks shuttered in 2023 and its banking
AMC Theatres on Track to Accept 4 Cryptocurrencies Next Month: CEO Expects Dogecoin and Shiba Inu to Follow
AMC Theatres on Track to Accept 4 Cryptocurrencies Next Month: CEO Expects Dogecoin and Shiba Inu to Follow The CEO of the world’s largest movie exhibition company, AMC Ente
Ethereum’s Dominance on the Rise: Market Share Increases by 3% Among Global Crypto Assets
Ethereum"s Dominance on the Rise: Market Share Increases by 3% Among Global Crypto Assets Since Dec. 31, 2022, ethereum’s market dominance has increased by more than 3% amon
Bit.com’s Daily Volume for Bitcoin Cash Options Doubled Every Day Since Launch
Bit.com"s Daily Volume for Bitcoin Cash Options Doubled Every Day Since Launch At the end of January, the Matrixport subsidiary and leading derivatives exchange
MicroStrategy set to raise $600M via convertible notes to buy more Bitcoin
Brayden Lindrea2 hours agoMicroStrategy set to raise $600M via convertible notes to buy more BitcoinThe $600 million in senior convertible notes will mature in March 2030, unless earlier repurchased, redeemed or converte
Derek Andersen3 hours agoVodafone, Sumitomo team up with Chainlink to explore trade documents networkVodafone’s Digital Asset Broker platform and Sumitomo have been working together since May on this proof-of-concept.1
Stratos Jet Charters Reveals Crypto Payment Acceptance for Flights via FTX Pay
Stratos Jet Charters Reveals Crypto Payment Acceptance for Flights via FTX Pay The Orlando, Florida-based Stratos Jet Charters Inc. has announced the company has partnered with FTX
Goldman and Interactive Brokers Execs Claim Wallstreetbets Trend Could ‘Take Down the System’
Goldman and Interactive Brokers Execs Claim Wallstreetbets Trend Could "Take Down the System" The heavy hitters in traditional finance have been concerned about
3 reasons why Bitcoin won’t be ‘boring’ in September
Biraajmaan Tamuly3 minutes ago3 reasons why Bitcoin won’t be ‘boring’ in SeptemberWhile Bitcoin failed to close above the $60K psychological level on the weekly chart, the long-term holders (LTHs) continue to adopt