Fed Chair Powell: Digital Dollar Would Need Stronger Privacy Than Digital Yuan

[Tanimariya]

The lack of privacy in the Chinese system is just not something we could do here,” Powell told a House committee.
Reserve agree that a fully anonymous national digital currency is not feasible. But Fed Chair Jerome Powell believes when a digital dollar is developed it must provide users with more privacy than the People’s Bank of China’s (PBOC) planned digital yuan.

“The lack of privacy in the Chinese system is just not something we could do here,” Powell said while testifying before the House Committee on Financial Services on Tuesday. “We’re only beginning to think carefully about these things and it’s going to be a careful, detailed and probably lengthy process of consideration.”
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