The U.S. Federal Reserve Considers CBDC as One of Its Key Duties, According to Pro-Crypto Congressman Tom Emmer
The U.S. Federal Reserve has included the development of a central bank digital currency (CBDC) as one of its “key duties,” according to a document presented to Congress. The revelation was shared by House Majority Whip Tom Emmer, who received the document titled “Key Duties of the Fed – Payment Systems” from Fed officials. Emmer, a vocal supporter of cryptocurrencies but skeptical of CBDCs, emphasized that the Fed views the creation of a CBDC as an important responsibility.
Fed Chair Jerome Powell’s Testimony Contradicts CBDC Plans
Despite the document’s indication that the Fed considers a CBDC a key duty, Fed Chair Jerome Powell testified before Congress last week and stated that there are no immediate plans to introduce a CBDC. Powell acknowledged that money has become digital as technology has advanced, but he made it clear that the Fed is not recommending or adopting a CBDC at this time. He also emphasized that any potential CBDC should not compromise individuals’ privacy by allowing the government to monitor their transactions, drawing a contrast with China’s approach.
Pro-Crypto Congressman Emmer’s Concerns
Tom Emmer, known for his support of cryptocurrencies and skepticism towards CBDCs, has previously expressed concerns about digitized fiat currencies enabling government surveillance of citizens’ financial activities. While he did not provide further context on the specific details within the Fed document, Emmer’s statement suggests that the inclusion of CBDC development as a key duty aligns with his previous concerns about potential government overreach.
Hot Take: Is the Fed Secretly Pursuing a CBDC?
While Chairman Powell’s testimony seems to contradict the inclusion of CBDC development as a key duty, Emmer’s claim raises questions about the Fed’s true intentions. Here are some possible interpretations:
1. The Fed Is Actively Pursuing a CBDC
- The document presented to Congress indicates that the Fed considers CBDC development as one of its key duties.
- Emmer’s statement suggests that the inclusion aligns with his concerns about potential government surveillance.
2. The Fed Is Exploring CBDC Development but Not Yet Ready to Implement
- Powell’s testimony emphasizes that the Fed is not recommending or adopting a CBDC at this time.
- This could suggest that while CBDC development is considered a key duty, the Fed is still in the exploratory phase and not yet ready to roll out a digital currency.
3. The Document May Be Outdated or Inaccurate
- It is possible that the document presented to Congress does not reflect the current stance of the Federal Reserve.
- There may have been updates or changes in the Fed’s priorities since the document was created.
Ultimately, without further clarification from the Federal Reserve, it is challenging to determine the true nature of their intentions regarding a CBDC. As developments unfold, it will be important to closely monitor any official statements or actions from the Fed regarding digital currency.
In Conclusion
The U.S. Federal Reserve has listed the development of a central bank digital currency (CBDC) as one of its key duties, according to a document shared with Congress. This revelation comes from pro-crypto Congressman Tom Emmer, who has raised concerns about the potential government surveillance associated with CBDCs. However, Federal Reserve Chair Jerome Powell testified that the Fed currently has no plans to roll out a CBDC. The inclusion of CBDC development as a key duty raises questions about the Fed’s true intentions and future actions. It remains to be seen whether the Fed is actively pursuing a CBDC or if there are other factors at play.
Hot Take: Is the Fed Secretly Pursuing a CBDC?
The inclusion of CBDC development as one of the Federal Reserve’s key duties raises suspicions about their true intentions. While Chairman Powell denies any immediate plans for a CBDC, Congressman Emmer’s claim suggests otherwise. The lack of clarity from the Fed leaves room for interpretation and speculation. Only time will tell if a U.S. CBDC becomes a reality.
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