EddieJayonCrypto
8 Mar 24
Federal Reserve Chair Jerome Powell clarified that the Federal Reserve is not currently pursuing the introduction of a US central bank digital currency (CBDC) and emphasized the importance of privacy. Leaked comments revealed ongoing discussions on a bitcoin and crypto-inspired CBDC, with Congress a...
Federal Reserve Chair Jerome Powell clarified that the Federal Reserve is not currently pursuing the introduction of a US central bank digital currency (CBDC) and emphasized the importance of privacy. Leaked comments revealed ongoing discussions on a bitcoin and crypto-inspired CBDC, with Congress approval necessary for any initiative. Former President Donald Trump has voiced staunch opposition to the digital dollar, citing it as a path to "government tyranny." As discussions continue and political figures stake their positions, the future of a US digital dollar remains uncertain.
In his latest speech, Powell set a tone of cautious deliberation rather than immediate actions. He reassured the public that the Fed would not have visibility into individuals' transactions with their money. Powell emphasized the importance of privacy, asserting, "The Fed would not stand for having the central bank have visibility into individuals' transactions with their money." Despite these reassurances, discussions within political circles suggest that the idea of a CBDC is still being explored. Leaked comments from a meeting between Powell and senior Democrats revealed ongoing discussions on a bitcoin and crypto-inspired CBDC, with Powell noting that Congress approval would be necessary for any such initiative.
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