Reserve

Nothing

Jerome Powell

Chair

<p class="is-style-lead">In testimony before the Senate Banking Committee, Federal Reserve Chair Jerome Powell stated the Federal Reserve is nowhere near making a recommendation or adopting a CBDC.</p>
<p>“Only banks have accounts at the Fed and that’s the way we’re going to keep it,” Powell said, emphasizing that any adoption of a <a href="https://crypto.news/tag/cbdc/" data-type="link" data-id="https://crypto.news/tag/cbdc/" rel="noopener noreferrer nofollow">CBDC</a> would be facilitated by the banking system. “People don’t need to worry about a central bank digital currency. Nothing like that is remotely close to happening anytime soon.”</p>
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<p>You might also like: <a href="https://crypto.news/us-cbdc-debate-heats-up-amid-elections-does-the-country-need-a-digital-dollar/" rel="noopener noreferrer nofollow"> US CBDC debate heats up amid elections. Does the country need a digital dollar? </a></p>
<p>The issue has sparked debate, particularly among Republicans concerned that a CBDC could lead to government surveillance of transactions. This concern comes amidst a global exploration of CBDCs, with 130 countries investigating their potential.</p>
<p>Despite the Federal Reserve’s exploration of CBDCs and a <a href="https://www.federalreserve.gov/central-bank-digital-currency.htm" data-type="link" data-id="https://www.federalreserve.gov/central-bank-digital-currency.htm" target="_blank" rel="noopener noreferrer nofollow">report</a> released last year on their implications, <a href="https://crypto.news/tag/jerome-powell/" data-type="link" data-id="https://crypto.news/tag/jerome-powell/" rel="noopener noreferrer nofollow">Powell</a> confirmed that the Fed would not issue a CBDC without congressional approval. This was highlighted during a <a href="https://crypto.news/senators-lummis-and-gillibrand-set-to-present-crypto-bill-in-congress-again/" data-type="link" data-id="https://crypto.news/senators-lummis-and-gillibrand-set-to-present-crypto-bill-in-congress-again/" rel="noopener noreferrer nofollow">query</a> from Sen. Cynthia Lummis, R-Wyo., which Powell responded to affirmatively.</p>
<p>The discussion around CBDCs has also led to legislative actions, including a bill signed by Florida Governor <a href="https://crypto.news/florida-governor-ron-desantis-challenges-cbdcs-defends-financial-freedom/" data-type="link" data-id="https://crypto.news/florida-governor-ron-desantis-challenges-cbdcs-defends-financial-freedom/" rel="noopener noreferrer nofollow">Ron DeSantis</a> banning federal CBDC use in Florida and a bill advanced by Republicans in the House Financial Services Committee to <a href="https://crypto.news/u-s-house-committee-pushes-anti-cbdc-bill/" data-type="link" data-id="https://crypto.news/u-s-house-committee-pushes-anti-cbdc-bill/" rel="noopener noreferrer nofollow">prohibit</a> the Fed from issuing a CBDC directly to individuals.</p>
<p>Read more: <a href="https://crypto.news/cbdcs-explained-how-could-they-impact-global-finance/" rel="noopener noreferrer nofollow"> CBDCs explained: How could they impact global finance? </a></p>

Jerome Powell: CBDC not on the horizon anytime soon

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