Federal Reserve Chairman Jerome Powell said at a Senate hearing that a U.S. central bank digital currency (CBDC) would not be built in a way that invades personal privacy, CoinDesk reported. Powell said the Fed is not yet close to any proposals for a digital dollar. Even as the Fed comes close to recommending a U.S. CBDC, Powell told lawmakers the central bank has no interest in a system that could look at user data. He told lawmakers that if the Fed gets closer to establishing a digital dollar, the banking system will be used to manage people's accounts. He contrasted U.S. thinking with China, where the government can track user activity in its digital currency.

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