Summary
TLDR: The Federal Reserve may be secretly pursuing a central bank digital currency (CBDC) despite public claims to the contrary, according to a document shared by GOP Majority Whip Tom Emmer. CBDCs are seen as tools for reinforcing global dollar dominance, but some in Congress, like Emmer, oppose them as tools for financial surveillance and control. While China and Hong Kong are advancing in CBDC development, the U.S. is still in the research phase and has not officially decided on issuing one. Fed Chair Jerome Powell stated that any decision on a CBDC would require congressional approval and prioritize user privacy.
Key Points
1. The Federal Reserve may be pursuing the implementation of a central bank digital currency (CBDC) despite public claims to the contrary.
2. GOP Majority Whip Tom Emmer shared a document that listed “Central Bank Digital Currency” as one of the key duties of the Fed, suggesting a potential interest in CBDCs.
3. While the U.S. is still in the research phase for CBDCs, other countries like China and Hong Kong are already making advancements in digital currency technology.