EddieJayonCrypto
12 Feb 25
Federal Reserve Chair Jerome Powell stated that the US will not have a central bank digital currency (CBDC) while he leads the central bank. This assurance came in response to concerns raised by Senator Bernie Moreno. Powell has consistently dismissed the likelihood of the Fed issuing a CBDC and emp...
Federal Reserve Chair Jerome Powell has assured that the US will not introduce a central bank digital currency (CBDC) during his leadership, emphasizing the Fed's reliance on private sector innovation over government intervention. This confirmation came in response to concerns raised by Senator Bernie Moreno, who feared a potential CBDC issuance mirroring China. Powell's statement aligns with President Trump's executive order banning federal agencies from pursuing CBDC creation. Powell has consistently dismissed the likelihood of a CBDC, emphasizing that it is not on the horizon and reassuring the public that there is no imminent need to worry about it. Additionally, Federal Reserve Governor Christopher Waller has voiced skepticism about the necessity of a CBDC, advocating for market-driven payment solutions over government-led initiatives. Both Powell and Waller's remarks underscore the Fed's cautious approach towards CBDCs, prioritizing private sector-driven financial innovation while minimizing direct government involvement in personal finance.