Fed Chairman Powell: 'The Fed will not issue a CBDC during my term'

Federal Reserve Chairman Jerome Powell has said he will not pursue the issuance of a central bank digital currency (CBDC) during his term.
On the 11th (local time), Chairman Powell officially assured the US Senate that the CBDC issuance plan would be implemented. At a hearing of the US Senate Banking Committee, Chairman Powell responded to a question from Senator Bernie Moreno of Ohio, who asked about the CBDC issuance plan.
In response to a question from Chairman Nie Moreno, he assured that "the Fed will not issue a central bank digital currency during my term."
He has served as Fed chair since 2018, and his current term is scheduled to expire in May 2026.
The hearing was held to discuss the semi-annual Monetary Policy Report, and in the process, Tim Scott
Senator Scott and Cynthia Lummis
Senator Lummis raised the issue of "debanking" financial institutions.
They alleged that government agencies had pressured some financial institutions to stop providing services to cryptocurrency companies. In response, Chairman Powell said the Fed would review related policies.
This is believed to be the first time that Chairman Powell has clearly stated that he will not issue a CBDC.
At a committee hearing, he said, "The United States is still a long way from adopting a central bank digital currency (CBDC)."