During a Senate hearing yesterday, Federal Reserve Chair Jerome Powell was quizzed a couple of times about a potential digital dollar or central bank digital currency (CBDC). He reiterated the Federal Reserve’s need for Congressional approval to launch a CBDC, but this time didn’t use the ‘retail CBDC’ qualifier.
“People don’t need to worry about a central bank digital currency (CBDC). Nothing like that is remotely close to happening any time soon,” Powell said.
“We’re nowhere near recommending, let alone adopting, a central bank digital currency in any form.”
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