When asked whether a Federal Reserve or Central Bank Digital Currency might be on the horizon, Federal Reserve Chairman Jerome Powell told a congressional committee this year, "We're nowhere near recommending or let alone adopting a central bank digital currency in any form."
While Powell admits that while the central bank continues to work on a digital currency, he realizes the obstacles to success at the present time are insurmountable.
For starters, the Fed knows a Central Bank Digital Currency or CBDC could wreck the nation's banking industry, threaten the dollar's status as the world's reserve currency and even threaten the Fed itself.
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