Federal Reserve Chair Jerome Powell stated that the U.S. is not close to creating a central bank digital currency (CBDC) and has no plans for individual accounts.

Federal Reserve Chair Jerome Powell has assured the American public that the U.S. is not close to creating a central bank digital currency (CBDC) and has no interest in establishing individual accounts for citizens. During a Senate Banking Committee hearing, Powell addressed concerns regarding government surveillance and stated that the banking system would be utilized if a CBDC were to be implemented.