{"id":14863,"date":"2024-03-20T06:57:58","date_gmt":"2024-03-20T01:27:58","guid":{"rendered":"https:\/\/cccfornews.com\/index.php\/2024\/03\/20\/central-bank-digital-currency-a-key-duty-of-federal-reserve\/"},"modified":"2024-03-20T06:57:58","modified_gmt":"2024-03-20T01:27:58","slug":"central-bank-digital-currency-a-key-duty-of-federal-reserve","status":"publish","type":"post","link":"https:\/\/cccfornews.com\/index.php\/2024\/03\/20\/central-bank-digital-currency-a-key-duty-of-federal-reserve\/","title":{"rendered":"Central Bank Digital Currency a ‘Key Duty’ of Federal Reserve"},"content":{"rendered":"


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The U.S. Federal Reserve shared with Congress that one of its \u201ckey duties\u201d is to establish a central bank digital currency (CBDC).<\/p>\n

GOP Majority Whip Tom Emmer (R-MN) shared the information on X, writing, \u201cIf you don\u2019t think the Fed is pursuing a CBDC, think again.\u201d<\/p>\n

\u201cThe Fed gave this to my staff during a presentation earlier this Congress. They view a CBDC as one of their KEY DUTIES.\u201d<\/p>\n

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If you don\u2019t think the Fed is pursuing a CBDC, think again.<\/p>\n

The Fed gave this to my staff during a presentation earlier this Congress. They view a CBDC as one of their KEY DUTIES. pic.twitter.com\/0LcdWBKk58<\/a><\/p>\n

\u2014 Tom Emmer (@GOPMajorityWhip) March 14, 2024<\/a><\/p><\/blockquote>\n<\/div>\n<\/figure>\n

CBDC is a \u201cdigital form of central bank money that is widely available to the general public,\u201d according to the Federal Reserve Board<\/a>. \u201cWhile Americans have long held money predominantly in digital form\u2014for example in bank accounts, payment apps or through online transactions\u2014a CBDC would differ from existing digital money available to the general public because a CBDC would be a liability of the Federal Reserve, not of a commercial bank,\u201d the board added.<\/p>\n

Earlier this month, Fed Chair Jerome Powell said<\/a> the United States was \u201cnowhere near recommending\u2014or let alone adopting\u2014a central bank digital currency in any form.\u201d He noted, \u201cPeople don\u2019t need to worry about it.\u201d<\/p>\n

Rep. Byron Donalds (R-FL) echoed Emmer\u2019s concerns, warning that CBDC is a \u201cdangerous threat to freedom.\u201d<\/p>\n

\u201cIt is critical that we work to protect the American people from government tyranny & that we never allow the creation of CBDC in America,\u201d he wrote.<\/p>\n

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CBDC would give the federal government absolute control over your money.<\/p>\n

This is a dangerous threat to freedom.<\/p>\n

It is critical that we work to protect the American people from government tyranny & that we never allow the creation of CBDC in America. https:\/\/t.co\/AEnQYOhlLZ<\/a><\/p>\n

\u2014 Congressman Byron Donalds (@RepDonaldsPress) March 15, 2024<\/a><\/p><\/blockquote>\n<\/div>\n<\/figure>\n

Donald Trump is a major critic of CBDC.<\/p>\n

During a speech in New Hampshire, Trump promised<\/a> that he will \u201cprotect Americans from government tyranny, as your President I will never allow the creation of a central bank digital currency.\u201d<\/p>\n

Trump explained, \u201cYou know what they\u2019re doing, such a currency would give a federal government, our federal government, the absolute control over your money; they could take your money, you wouldn\u2019t even know it was gone. This would be a dangerous threat to freedom, and I will stop it from coming to America.\u201d<\/p>\n

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