The Federal Reserve listed a central bank digital currency (CBDC) as one of its “key missions” in a letter to members of Congress.
House Majority Whip Tom Emmer, a Republican from Minnesota; To tell Fed officials handed a document to staff at the beginning of the session titled “The Fed's Principal Duties – Payment Systems.”
“If you don’t think the Fed is pursuing CBDCs, think again…The Fed considers CBDCs to be one of its key missions.”
Emmer, a vocal supporter of cryptocurrencies and a CBDC skeptic who has previously said the digitized fiat dollar is nothing more than a way for governments to spy on their citizens' financial transactions, provided additional context in the Fed document. did not provide.
However, Federal Reserve Chairman Jerome Powell said in Congressional testimony last week that the Fed has no plans to deploy a CBDC for the foreseeable future.
“We are nowhere near recommending central bank digital currencies in any way, much less introducing them, but the idea is that as technology evolves, money is becoming digital.
If you look at bank accounts, people don't have physical money. They are digital. The idea was for governments to create a digital form of money and allow people to send money to each other. ”
Powell also said the Fed doesn't want a CBDC that would give the government visibility into people's transactions.
“That's something we don't support or do or suggest here in the United States. That's how it works in China, for example.”
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