US Representative Tom Emmer took to social media to claim that the Federal Reserve still has a US CBDC on the top of its agenda, despite varied statements in the past.
A central bank digital currency has been taking prominence among global central banking institutions in recent years. The US, on the other hand, hasn’t seen much progress on the matter. However, a recent revelation by a US lawmaker has raised eyebrows about the subject. According to US Representative Tom Hemmer, the Federal Reserve features a US CBDC as one of its priorities.
Hemmer took the details to his social media profile. He uploaded a picture, claiming the Fed sent it to his staff. Other matters, including wholesale payments and currency also feature on the list. Although the Federal Reserve hasn’t spoken publicly on the release of a CBDC yet, the list is still important. This could mean that the regulator is indulging in CBDC research behind closed corridors.
Probable CBDC research in the US may not come as a surprise for the crypto sector as well. Globally, several countries have publicly announced their projects. For instance, a financial services hub like Singapore started the trials for its project last November. Hong Kong is already at the forefront of a wholesale CBDC project.
At the same time, a European digital currency project is also progressing. Central banking institutions worldwide, including the Bank for International Settlements, have also endorsed the benefits of a CBDC.
Even the Federal Reserve had released a document on CBDCs and payments a couple of years back. The document stated, “A CBDC could potentially serve as a new foundation for the payment system and a bridge between different payment services, both legacy and new. “
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