Fed Chair Powell Asserts: No Digital Dollar (CBDC) Launch During His Tenure

The integer dollar inaugural faces a definitive halt arsenic Federal Reserve Chairman Jerome Powell firmly opposes implementing a Central Bank Digital Currency (CBDC) during his leadership. At a Senate Banking Committee proceeding connected February 11, 2025, Powell’s wide rejection of a integer currency matches immoderate caller enforcement actions and respective legislative efforts to forestall national agencies from processing government-backed integer money, marking a important infinitesimal for the aboriginal of integer dollar improvement successful the United States.

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Why the Digital Dollar (CBDC) Won’t Launch Under Powell’s Leadership

Source: CNBC YouTube

Powell’s Clear Stance Against CBDC

During the Senate hearing, Senator Bernie Moreno stated:

“Something that concerns maine a batch is the thought that we would adjacent look similar China successful immoderate way. Can I person your committedness that arsenic agelong arsenic you are the Chairman of the Federal Reserve System that we volition ne'er person a cardinal slope integer currency?”

Multiple experts presumption Powell’s effect arsenic a last connection connected a imaginable integer dollar implementation. Several fiscal analysts enactment that the Federal Reserve’s presumption shows increasing worries astir government-controlled integer currencies.

Executive and Legislative Backing

A fewer cardinal measures successful President Trump’s January 23, 2025 enforcement bid halt national agencies from processing CBDCs. Some lawmakers person projected the No CBDC Act successful Congress, creating galore barriers against a integer dollar. Various officials explicit concerns astir authorities overreach.

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Privacy and Control Concerns

CBDC Tracker – Source: atlanticcouncil.org

The statement astir integer dollar implementation continues to absorption connected privateness issues.

Congressman Tom Emmer stated:

“[A CBDC could] springiness the national authorities the quality to show and power idiosyncratic Americans’ spending habits.”

Global CBDC Landscape

While immoderate U.S. officials reason CBDCs and the integer dollar concept, astir 134 countries representing 98% of the planetary system research integer currencies. Multiple nations person reached precocious stages of development. Several large economies similar China, India, and Russia pb this change.

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Market Impact and Future Implications

The Federal Reserve’s bold instrumentality connected the integer dollar opens up respective paths for integer assets portion keeping immoderate strict privateness rules. Various experts spot Powell’s rock-solid committedness bringing stableness to galore accepted systems, laying retired aggregate possibilities for aboriginal wealth development.