Us Federal Reserve Jerome Powell Testifies Before a Senate Banking, Housing and Urban Affairs Committee Hearing on “The Semiannual Monetary Policy Report to the Congress,” At Capitol Hill in Wasting Ury 11, 2025.
Craig Hudson | Reuters
Federal Reserve Chair Jerome Powell Assorted Tuesday That The Central Bank will not develop its own digital currency as long as he is in charge.
Ending Several Years of Speculation White Join Some of Its Global Counterparts, Including China, In Developing a Formal Cryptocurrence Like Bitcoin or ITS Ate hearing that the project would not go forward.
“Can I have your committee that as long as you’re the federal reserve system that we will never do a central bank digital bank digital currency?” Sen. Bernie Moreno, R-Ohio, Asked Powells The Chair’s semiannual testimony On Monetary Policy and Regulation.
“Yes,” Powell Responded.
“Thank you for that, i think that’s extramely important,” Moreno said. “It makes me very happy to hear you say that.”
Powell’s term as fed Chief Ends in May 2026.
The fed has been examining the issue for at least four years, releasing an extended study in 2022 That detailed the advantages and disadvantages without drawing a conclusion.
Over the Years, Multiple Officials have raised Concerns, with Most Saying there was no obvious need for a CBDC and Citing Concerns over privacy and other issues. Powell also has stressed that creating a CBDC would have required a Legislative Act from Congress, Something Less Likely With A Republican Majority Controlling Both Chambers in washington, dc
In the meaning, the central bank has Launched its fednow payments system That essential addresses a number of issues that a fed-backed cryptocurrency also also would take on.
Moreno Asked Powell to Continue Work on Fednow to Make 24-His Transfers More Widely Aawailable.
(Tagstotranslate) Central Banking (T) Cryptocurrency (T) Federal Reserve Bank (T) Business News
