July 24, 2024
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The nominee for the Federal Reserve looks to Congress for guidance on the US digital currency


The US Federal Reserve is deferring to Congress on whether or not to introduce a central bank digital currency (CBDC). That’s, according to Lael Brainard, who spoke before the Senate Banking Committee on Thursday.

Senator Cynthia Lummis, a Republican, asked if the vice chair nominee thought the digital dollar. Which is, China’s upcoming digital yuan, should be available to retail customers.

“We really are looking to Congress in the first instance,”
“and the Administration to give us guidance in this area,”

Then, Brainard responds.
“We want to make sure that we do the requisite research on policy and technology”
” so we’re in a position to move forward if Congress decides”
“it’s important to be able to compete with China in this regard.”

Various industry observers believe that China’s planned digital yuan debut will put the US dollar’s hegemony under threat.

Republican Congressman Tom Emmer filed a measure on Wednesday that would prevent the Fed from issuing a CBDC to Americans directly. Then, citing “China’s digital dictatorship” and privacy concerns.

Jerome Powell stated at his own confirmation hearing on Tuesday that the Federal Reserve’s widely anticipated research paper on cryptocurrency will be released soon.

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