Federal Reserve Chair: Digital Dollar Won't Be Surveillance Tool
Date: 2024-03-08 Author: Dima Zakharov Categories: IN WORLD
Federal Reserve's Stance
During hearings in the US Senate, the Federal Reserve's head, Jerome Powell, declared the institution's distance from endorsing or adopting any form of Central Bank Digital Currency (CBDC), refuting suggestions that it could serve as a surveillance tool.
Global Landscape
While 131 countries are in various stages of exploring CBDCs, Powell emphasized the lack of plans for a digital dollar, despite advancements elsewhere.
US Delay and International Implications
Despite US hesitancy, countries like India, the EU, and China are leading CBDC development, according to the Atlantic Council. The delay has prompted concerns over losing ground in this technological frontier.
Privacy Concerns and Legislative Response
Senator Ted Cruz and a group of politicians introduced a bill aimed at curbing surveillance tied to CBDCs, supported by various US organizations. This follows previous attempts by Cruz and others to legislate against retail CBDCs.
Political and Economic Voices
Politicians like Tom Emmer and public figures like Robert Kiyosaki have voiced concerns about CBDCs' privacy implications, advocating alternatives such as Bitcoin.
Global Efforts on Privacy
Meanwhile, regulatory bodies in the EU have issued recommendations for improving privacy in digital currencies, indicating a broader global concern.
In a landscape increasingly shaped by digital currencies, debates surrounding privacy and surveillance remain at the forefront, influencing both policy and public discourse.
