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Federal Reserve Chairman Says Private Companies Should Not Be A Part Of Digital Dollar Development
Summary: U.S. Federal Reserve Chairman Jerome Powell said that a group of central banks have met to explore a digital dollar during a virtual meeting of the House Committee On Financial Service on Wednesday, June 17. He also said that a Central Bank Digital Currency needs to be researched and explored more before development begins. Powell ...
U.S. Federal Reserve Chairman Jerome Powell said that a group of central banks have met to explore a digital dollar during a virtual meeting of the House Committee On Financial Service on Wednesday, June 17.
He also said that a Central Bank Digital Currency needs to be researched and explored more before development begins. Powell stated that he does not think private companies should play a role in the creation of a digital dollar because they are not accountable to the public good, which would leave citizens feeling wary.
This stance conflicts with the vision of The Digital Dollar Project — an organization committed to creating a CBDC founded by former CFTC Chairman Chris Giancarlo — which believes that the private and public sectors should work together to create a digital dollar.
By Emily Mason
Tags: CBDC,Digital Dollar,Federal Reserve
Link: Federal Reserve Chairman Says Private Companies Should Not Be A Part Of Digital Dollar Development [Copy]
