Is a Digital Dollar Coming? Some Financial Experts Warn It Could be Instrument of Government Control

More and more central banks around the world are in the early stages of creating digital currencies. Federal Reserve Chairman Jerome Powell told the House Financial Services Committee in March that the Fed had already begun testing a digital dollar. Powell told the House Financial Services Committee, “We’re not at the stage of making any real decisions. What we’re doing is experimenting in kind of early-stage experimentation. How would this work? Does it work? What’s the best technology? What’s the most efficient really at an early stage on? But we’re making progress on sort of technological issues.“ Just like paper dollars, a Central Bank Digital Currency of CBDC would be issued by the Federal Reserve. Those pushing for it say it would have several advantages over physical money. They say it could be used to fight inflation because the Fed would have more direct control over the money supply. It could speed up transaction payments and help fight money laundering.