According to an internal document from the Federal Reserve, the development of a CBDC would be a key task for the central bank of the United States: this was revealed by Congressman Emmer.
According to a document presented to members of Congress, the Federal Reserve of the United States has included the development of a CBDC among its “key duties.” The document in question, titled “Key Duties of the Fed – Payment Systems,” was revealed by Tom Emmer, a Republican congressman from the state of Minnesota and a known critic of CBDCs. In the past, Emmer had stated that digital dollars would merely serve as a means for the government to monitor citizens’ financial transactions.
Through a tweet, Emmer stated:
“If you don’t think the Fed is pursuing a CBDC, think again.
The Fed gave this [document] to my staff during a presentation earlier this Congress. They view a CBDC as one of their KEY DUTIES.”
The Fed’s position
Just a few weeks ago, Jerome Powell, the chairman of the Federal Reserve, during testimony to Congress, ruled out the introduction of a CBDC in the near future.
“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.“
The Fed chairman also assured that the bank does not intend to adopt a CBDC that would allow the government to monitor people’s transactions, unlike what happens with the digital yuan in China.
