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Post: Jerome Powell: U.S. Far from CBDC Adoption, Privacy Emphasized

Jerome Powell: U.S. Far from CBDC Adoption, Privacy Emphasized

Key Points:

  • Jerome Powell states that the U.S. is not close to adopting a central bank digital currency (CBDC).
  • The Federal Reserve chair emphasizes that even if a CBDC were considered, it would not involve surveillance of users.
  • Other developments include Hong Kong launching a wholesale CBDC initiative and BRICS working on a blockchain-based payments system.

U.S. Not Close to Adopting CBDC:

Jerome Powell clarifies that the U.S. is far from implementing any form of central bank digital currency.

Privacy Assurance for CBDC Users:

Powell reiterates that any potential CBDC from the U.S. Federal Reserve would not involve monitoring or tracking users, emphasizing privacy.

Global CBDC Initiatives:

The article mentions Hong Kong’s recent launch of a wholesale CBDC program and the BRICS bloc’s reported efforts towards a blockchain-based payment system.

Hot Take

Jerome Powell’s statements offer reassurance regarding privacy concerns related to CBDCs, aligning with the emphasis on user protection in future digital currency implementations.

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