Last Updated on September 27, 2022
The Federal Reserve Chairman admitted a United States’ Central Bank Digital Currency (CBDC) will “not be anonymous.”
Jerome Powell made the revelation while speaking at an event hosted by the Bank of France on Tuesday. Powell also made calls for increased government regulation of cryptocurrency as it becomes more of a threat to the centralized economy in the United States.
“There’s a real need for more appropriate regulation, so that as DeFi expands and starts to touch more retail customers and that sort of thing, so that appropriate regulation is in place,” Powell said on Tuesday.
As Powell began discussing the potential of a U.S. government-led digital currency, he explained Congress and the White House needs to approve the act before the Federal Reserve can roll out a CBDC.
The Fed is “evaluating both the policy issues and the technology issues” surrounding the expected CBDC.
NOW – US central bank digital currency would not be anonymous, says Federal Reserve Chair Powell. pic.twitter.com/xwkQFZTrjk
— Disclose.tv (@disclosetv) September 27, 2022
Powell’s admission that a CBDC would “not be anonymous” infuriated Conservatives across social media.
Rep. Thomas Massie (R-KY) slammed Powell’s decision, suggesting it will lead to totalitarian rule in the U.S.
“A monopoly on weapons of personal defense notwithstanding, traceable currency is the most powerful tool of a totalitarian government. According to Fed chair, the central bank digital currency would be ‘identity verified, so it would not be anonymous.’ Wake up folks,” Rep. Massie tweeted.
Donald Trump Jr. also spoke out against a non-anonymous digital currency. “They won’t be happy until they have TOTAL CONTROL over every aspect of your life,” Trump Jr. commented on Twitter.
One social media user echoed a warning concerning Powell’s comments and the establishment of a CBDC. “Any CBDC would necessarily be traceable and will inevitably be abused to control your speech and behaviors. They must be rejected at all costs.”
Stay tuned to National File for any updates.