By Stefan J. Bos, Chief International Correspondent Worthy News
NEW YORK/WASHINGTON (Worthy News) – In a victory for opponents of the project, the boss of the U.S. Federal Reserve has said the central bank won’t develop its own digital currency as long as he is in charge.
Federal Reseve Chair Jerome Powell’s announcement came after multiple officials raised concerns, with several saying there “was no obvious need” for a Central Bank Digital Currency (CBDC) citing concerns over privacy and other issues.
Powell made the announcement while testifying before a Senate Banking, Housing and Urban Affairs Committee hearing on “The Semiannual Monetary Policy Report to the Congress,” Worthy News monitored Thursday.
“Can I have your commitment that as long as you’re the chairman of the Federal Reserve system, we will never have a central bank digital currency?” asked U.S. Republican Senator Bernie Moreno from Ohio. Powell responded, “Yes. ”
“Thank you for that; I think that’s extremely important,” Moreno stressed. “It makes me very happy to hear you say that.”
Powell’s term as Fed chief ends in May 2026, and it remains unclear what will happen next.
According to sources familiar with the situation, the Federal Reserve has been investigating the digital currency issue for at least four years.
It published an extensive study in 2022 that detailed “the advantages and disadvantages” without drawing a conclusion.
However, the central bank has launched its cashless FedNow payments system, and Moreno asked Powell to continue working on FedNow to make 24-hour money transfers more widely available in the U.S.
Copyright 1999-2025 Worthy News. This article was originally published on Worthy News and was reproduced with permission.
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