Federal Reserve Chair's decision on US central bank digital currency during his tenure
Jerome Powell, the chair of the Federal Reserve of the United States, firmly stated in a congressional hearing today that as long as he is in office, the US central bank will not release its own digital currency. This statement put an end to years of speculation about the Federal Reserve joining other central banks worldwide like China in developing a digital currency. Powell, whose term extends until May 2026, made this position clear in response to a direct question from Senator Bernie Moreno of Ohio. This comes as the Federal Reserve has been examining this issue for the past four years and had published a comprehensive study on its pros and cons in 2022.
