In a document submitted to members of Congress, the U.S. Federal Reserve (Fed) listed central bank digital currency (CBDC) as one of its “core mandates.”
Tom Emmer, a Republican from Minnesota, is the House majority leader. Called Federal Reserve officials handed staff a document titled “The Federal Reserve’s Primary Mission – Payment Systems” early in the congressional meeting.
“If you don’t think the Federal Reserve is pursuing a CBDC, think again. They see it as one of their primary mandates.”
Emmer, a cryptocurrency proponent and CBDC skeptic, has previously said that digitized fiat currencies are simply a means for governments to monitor citizens’ financial transactions, but did not provide additional context for the Fed document.
But while testifying before Congress last week, Federal Reserve Chairman Jerome Powell said his agency had no plans to launch a CBDC anytime soon.
“We do not encourage or encourage the adoption of central bank digital currencies in any form. However, as technology advances, the idea is that money will become digital.
If you look at bank accounts, people don’t hold actual dollars. They are digital. “The idea was that the government could create a digital form of money that people could transfer to one another.”
Powell also said the Federal Reserve does not want a CBDC that would allow the government to see people’s transactions.
“That is not something we advocate, do or propose here in America. “This is how it works in China, for example.”
Don’t miss a beat – subscribe to get email alerts delivered straight to your inbox
Check Price Action
follow us TwitterFacebook, Telegram
Daily Hodl Mix Surfing
 
Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfers and transactions are entirely at your own risk and that you will be responsible for any losses you may incur. The Daily Hodl does not recommend the purchase or sale of any cryptocurrency or digital asset, and The Daily Hodl is not investment advice. The Daily Hodl engages in affiliate marketing.
Image created by: Midjourney