Reserve

Jerome Powell

Chair

<div class="dailyhodl">
 <p>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.</p>
 <p>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.”</p>
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 <p><em>“If you don’t think the Fed is pursuing a CBDC, think again… They view a CBDC as one of their KEY DUTIES.”</em></p>
 <figure id="attachment_190710" aria-describedby="caption-attachment-190710" style="width: 100%" class="wp-caption alignnone"><img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://pbs.twimg.com/media/GIl4YkmXwAAO8rY?format=jpg&amp;name=large" width="1063" height="499">
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   Source: Tom Emmer/X
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 <p>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.</p>
 <p>However, while testifying to Congress last week, Fed Chair Jerome Powell said his institution had no plans to roll out a CBDC anytime soon.</p>
 <p><em>“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.</em></p>
 <p><em>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.”</em></p>
 <p>Powell also says the Fed does not want a CBDC that will allow the government to see people’s transactions.</p>
 <p><em>“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.”</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/u-s-federal-reserve-lists-a-cbdc-as-one-of-its-key-duties-warns-pro-crypto-congressman-tom-emmer-tbt82659.html">https://thebittimes.com/u-s-federal-reserve-lists-a-cbdc-as-one-of-its-key-duties-warns-pro-crypto-congressman-tom-emmer-tbt82659.html</a></p>

U.S. Federal Reserve Lists a CBDC as One of Its ‘Key Duties,’ Warns Pro-Crypto Congressman Tom Emmer

TheBitTimes

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