What did Jerome Powell say about the digital dollar 💵 and cryptocurrencies?
In his speech to the Economic Club of Chicago on April 16, 2025U.S. Federal Reserve Chairman Jerome Powell His views on the future of cryptocurrencies, the digital dollar, and the impact on the global financial system 🇺🇸💸
💵 Digital Dollar - Under the microscope
📌Powell emphasized that the Fed is still in the Research and development to launch a digital version of the U.S. dollar (CBDC).
🗣️ "Launching the digital dollar will require clear support from Congress and the White House. We don't move without a political mandate."
🔐 also emphasized However, any digital version of the dollar must:
- Respects users' privacy
- Keeps the financial system stable
- Designed in accordance with American democratic values
📊 According to central bank dataThe U.S. is still studying the feasibility of the project, with no official launch date set.
🌍 Countries around the world are stepping up. And the U.S. is watching
📈 More than 100 countries around the world have launched or are testing centralized digital currencies:
- 🇨🇳 China is expanding with the digital yuan.
- 🇮🇳 India Launched the digital rupee.
- 🇪🇺 European Union Works on the digital euro.
⏳ With this digital race, Powell argues that the U.S. should take it slow to ensure financial security and sovereignty, especially since The dollar still accounts for more than 58% of the world's foreign exchange reserves.
🪙 Stablecoins and other digital currencies
🎯 Powell singled out Stablecoinssaying:
🗣️ "Stablecoins can become part of the financial system, but they must be regulated with strict laws to ensure protection and transparency."
🚫 He emphasized that cryptocurrencies like Bitcoin are not legal tender, they are Speculative assets Requires oversight to protect users from fraud and financial risk.
Conclusion
✔️ U.S. Fed takes cryptocurrencies seriously
✔️ The digital dollar is coming, but only after a political and legislative decision
✔️ Stablecoins Need Strict Regulation
✔️ Cryptocurrencies are not recognized as legal tender
✔️ A delicate balance between innovation and financial stability
📚 Sources:
🔗 CNN Business - Jerome Powell Speech
🔗 Bloomberg - Fed Chair on Digital Dollar
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