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Home News

U.S. Fed Rejects CBDC Surveillance Plans

March 8, 2024
Reading Time: 2 mins read
in News

Federal Reserve Chair Jerome Powell refuted any imminent plans for a central bank digital currency (CBDC) in the United States, emphasizing the Fed’s lack of interest in a surveillance-focused digital currency. Speaking before the Senate Committee on Banking, Housing and Urban Affairs, Powell clarified that the Fed is far from recommending or adopting a CBDC in any form. He highlighted concerns about surveillance, stating that the government monitoring transactions, as seen with China’s digital yuan, would not be acceptable in the U.S.

Powell assured that if the Fed were to ever consider a CBDC, it would be through the banking system, with only banks holding accounts at the Fed. He reiterated that individual accounts for Americans at the central bank were not on the agenda. Powell emphasized that Congress would need to authorize the introduction of a retail CBDC, reiterating the Fed’s dependence on legislative approval for such initiatives.

Despite global developments, including Hong Kong’s push for a wholesale CBDC and reports of a blockchain-based payments system by BRICS, Powell maintained that the U.S. was not close to implementing a CBDC. He underscored that the Fed’s focus remains on maintaining privacy and ensuring that any potential CBDC would not compromise individual financial data. Powell’s stance aligns with previous assertions that congressional approval is necessary before the Fed can pursue a retail CBDC.

 

Reference:
  • The Semiannual Monetary Policy Report to the Congress
Tags: CryptocurrenciesCyber NewsCyber News 2024Cyber threatsCybersecurityGovernmentMarch 2024NewsUSA
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