Bittime - Federal Reserve Governor Jerome Powell responded to concerns expressed by several US lawmakers and Republicans regarding potential surveillance of people's transactions with theCentral Bank Digital Currency (CBDC).
Affirmation of Commitment to Privacy
Powell emphasized that if the Federal Reserve creates a digital dollar, they will not use it as a tool to spy on citizens' transactions. This demonstrates the Federal Reserve's strong commitment to the privacy and security of people's data in the context of new financial technologies.
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Discussion and Evaluation Stage
Despite calls for the government to take steps related to CBDC, Powell stated that at this time the Federal Reserve has not made any concrete recommendations on the matter. This indicates that the discourse regarding the digital dollar is still in the stage of in-depth discussion and evaluation within the US government.
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Maintaining a Balance between Innovation and Privacy
The debate about CBDCs will likely continue as the technology develops and shifts in global monetary policy. A key challenge will be how to strike a balance between profitable financial innovation and the privacy protections necessary for society.
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Also Read:
What Are Digital Dollars? How is it Different from Crypto?
Dollar Digital USD Coin (USDC) Review: Complete Guide 2024
What is Dollar Cost Averaging (DCA)?
DISCLAIMER : This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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