Fed Chair: U.S. Far From Adopting Central Bank Digital Currency, Would Use Banks Not Government to Protect Privacy

Federal Reserve Chair Jerome Powell said the Fed is "nowhere near" recommending or adopting a central bank digital currency (CBDC) in the U.S.
Powell said if a digital dollar was pursued, the Fed would use the banking system to manage accounts rather than government accounts that could see people's transactions.
Powell contrasted the U.S. approach with China's digital currency that allows the government to track user activity.
Powell reiterated the Fed cannot introduce a CBDC without congressional authorization.
The text notes politicians like Donald Trump have criticized government plans for a CBDC over spying concerns, despite U.S. officials repeatedly saying they are only studying the idea.