Federal Reserve Chairman Jerome Powell The following is a list of the most recent reviews. The US won’t have a digital currency from the central bank while he is in charge.
Powell’s statement was made on February 11, while speaking to the “Semiannual Monetary Policy Report to Congress.” His comments were in response to Senator Bernie Moreno’s Concerns that the US might “look like China”You can issue CBDCs.
Following Powell’s confirmation, Senator Moreno stated:
“Thank you for that. I think it is extremely important, it makes me very happy to hear you say that.”
Noteworthy, Donald Trump has signed an agreement that outlines the terms of his presidency. Executive Order The federal government issued a directive on January 23 prohibiting agencies from creating CBDCs.
CBDC Plans
Powell Recent public statements The dismissal of The likelihood that the Fed will issue a CBDC by March 2024 at a Senate Banking Committee Hearing on Monetary Policy.
The Federal Reserve, he assured lawmakers, is not a bank. “nowhere near”Take steps to implement a CBDC.
“People don’t need to worry about a central bank digital currency; nothing like that is remotely close to happening anytime soon.”
Federal Reserve Governor Christopher Waller expressed doubts about the need for a CBDC to be part of the US payments system.
Waller asked, at The Clearing House Annual Conference 2020 on November 12, whether CBDCs address any market inefficiencies. Waller reiterated that he does not believe a CBDC is a good idea.
Waller emphasized the private sector’s role in driving payment innovation through competition, arguing that market-driven solutions are more effective than government intervention.
The government, he said, should not compete with the private sector in the advancement of payment systems until there is a need that cannot be met by the private sector.
Both comments reinforced the Fed’s cautious stance on CBDCs, highlighting its preference for the private sector to drive financial innovation while avoiding direct government involvement in personal finance.
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