According to a document presented to members of Congress, the U.S. Federal Reserve has listed the creation of a central bank digital currency (CBDC) as one of its key duties. The document, titled “Key Duties of the Fed – Payment Systems,” was handed to House Majority Whip Tom Emmer’s staff by Fed officials earlier in the Congressional session.
In a tweet, Emmer, a Republican from Minnesota and a vocal supporter of cryptocurrency, stated that the Fed views a CBDC as one of their key duties. However, he did not provide any further context for the document.
During a congressional testimony last week, Fed Chair Jerome Powell stated that the institution has no immediate plans to introduce a CBDC. He explained that while money has become digital with advancements in technology, the government could create a digital form of money for people to transfer among themselves.
Powell also clarified that the Fed does not want a CBDC that would allow the government to have access to people’s transactions, citing China as an example of such control.
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