Digital Dollar? Get Real, Financial Inclusion Advocates Tell Congress
Currently just a flashy idea, the digital dollar is competing with duller but proven methods for the job of getting stimulus funds to every U.S. resident.
Digital dollars can promote a more inclusive financial system, or they can contribute to already-growing economic inequality in the U.S.
While not every lawmaker was on board with the idea of a central bank digital currency during a Senate Banking Committee hearing Tuesday, no one explicitly rejected it either.
The digital dollar again appeared during a Senate hearing. However, it wasn't the focus of the hearing but just another tool that can be used to maintain U.S. hegemony.
Witnesses will discuss stablecoins and tokenized dollars during Tuesday's Senate Banking hearing on the digitization of money.
Federal Reserve Chairman Jerome Powell said central banks should design and implement CBDCs, not private entities.