KEY POINTS
- Cramer noted that there are concerns about a CBDC being used to spy on consumers' financial transactions
- Powell said the central bank was a "very long way from even thinking about" issuing a CBDC
- The Fed previously noted that it will only release a CBDC under an authorizing law
Federal Reserve Chair Jerome Powell on Thursday reassured the Senate Committee on Banking, Housing, and Urban Affairs that the U.S. central bank was nowhere close to suggesting the rollout of a central bank digital currency (CBDC) as other countries around the world have done in recent months.
