Guest Post by Michael Nevradakis, Ph.D.
Despite recent statements to the contrary by Federal Reserve Chair Jerome Powell, the U.S. Federal Reserve appears to be proceeding with the development of central bank digital currency (CBDC) infrastructure. Critics weigh in on Powell’s statements and what CBDCs — and going cashless — would mean for U.S. citizens.
The U.S. Federal Reserve (the Fed) appears to be proceeding with the development of central bank digital currency (CBDC) infrastructure — including hiring software developers — despite recent statements to the contrary by Federal Reserve Chair Jerome Powell.
“People don’t need to worry about a central bank digital currency, nothing like that is remotely close to happening anytime soon,” Powell said in his March 7 testimony before the Senate Banking Committee.
“If we were to ever do something like this, and we’re a very long way from even thinking about it, we would do this through the banking system,” Powell said. “The last thing … we the Federal Reserve would want would be to have individual accounts for all Americans.”
Continue reading “Will U.S. Trade Cash for CBDCs? Fed Sends Mixed Messages”