The U.S. Federal Reserve listed a central bank digital currency (CBDC) as one of its “key duties” in a document presented to members of Congress.
House Majority Whip Tom Emmer, a Republican from Minnesota, says Fed officials handed his staff a document earlier in the Congressional session titled “Key Duties of the Fed – Payment Systems.”
“If you don’t think the Fed is pursuing a CBDC, think again… They view a CBDC as one of their KEY DUTIES.”
Emmer, a vocal crypto supporter and CBDC skeptic who once said that digitized fiat dollars would be nothing more than a way for the government to spy on its citizens’ financial transactions, didn’t provide additional context for the Fed document.
However, while testifying to Congress last week, Fed Chair Jerome Powell said his institution had no plans to roll out a CBDC anytime soon.
“We’re nowhere recommending or let alone adopting a central bank digital currency in any form, but the idea is, as technology has evolved, money has become digital.
If you look at your bank account, people don’t hold those physical dollars. They’re digital. The thought was that the government could create a digital form of money that people could then transfer among themselves.”
Powell also says the Fed does not want a CBDC that will allow the government to see people’s transactions.
“That’s just something we would not stand for or do or propose here in the United States. That is how it works in China, for example.”
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