By Stefan J. Bos, Chief International Correspondent Worthy News
NEW YORK/WASHINGTON (Worthy News) – In a victory for opponents of the project, the boss of the U.S. Federal Reserve has said the central bank won’t develop its own digital currency as long as he is in charge.
Federal Reseve Chair Jerome Powell’s announcement came after multiple officials raised concerns, with several saying there “was no obvious need” for a Central Bank Digital Currency (CBDC) citing concerns over privacy and other issues.
Powell made the announcement while testifying before a Senate Banking, Housing and Urban Affairs Committee hearing on “The Semiannual Monetary Policy Report to the Congress,” Worthy News monitored Thursday.
“Can I have your commitment that as long as you’re the chairman of the Federal Reserve system, we will never have a central bank digital currency?” asked U.S. Republican Senator Bernie Moreno from Ohio. Powell responded, “Yes. ”
“Thank you for that; I think that’s extremely important,” Moreno stressed. “It makes me very happy to hear you say that.”
Powell’s term as Fed chief ends in May 2026, and it remains unclear what will happen next.
According to sources familiar with the situation, the Federal Reserve has been investigating the digital currency issue for at least four years.
It published an extensive study in 2022 that detailed “the advantages and disadvantages” without drawing a conclusion.
However, the central bank has launched its cashless FedNow payments system, and Moreno asked Powell to continue working on FedNow to make 24-hour money transfers more widely available in the U.S.
Copyright 1999-2025 Worthy News. This article was originally published on Worthy News and was reproduced with permission.
Latest Stories from Worthy News
Hamas has formally rejected Israel’s latest ceasefire proposal, criticizing it as a “partial” deal that fails to guarantee a complete end to the war or a full withdrawal of Israeli forces from Gaza.
The United States may abandon efforts to broker peace between Russia and Ukraine within days if no clear progress is made, U.S. Secretary of State Marco Rubio warned on April 18. Speaking after talks in Paris with European and Ukrainian leaders, Rubio said President Trump is prepared to “move on” from the negotiations in the absence of any clear signs of progress.
A Pakistani anti-terrorism court sentenced a Christian man to death on Good Friday on controversial charges of blasphemy against Islam, Christians told Worthy News.
Christians across autocratically-ruled Nicaragua “are celebrating Holy Week” leading up to Easter under the watchful eye of police and paramilitary forces, Christians told Worthy News on Good Friday.
Italy’s rightwing Prime Minister Giorgia Meloni says U.S. President Donald J. Trump has accepted her invitation for an official trip to Rome at a time when the third largest economy in the European Union tries to bridge differences between the EU and the U.S. over trade and security.