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Past Week Events Show President Biden Administration is Moving Towards CBDC, Says Congressman Emmer

Press Releases Crypto News BeInCrypto Past Week Events Show President Biden Administration is Moving Towards CBDC, Says Congressman Emmer

US lawmaker Tom Emmer said the recent moves of the Federal Reserves suggest that the government will introduce a central bank digital currency (CBDC).

The lawmaker made this statement at a CATO Institute event while answering questions on whether the Fed will issue a CBDC. The financial authority previously said it could not make such a move without the approval of the U.S. Congress.

However, the Majority Whip pointed out that the agency’s recent actions showed that the administration wants to issue a digital dollar. According to Emmer, a recent document from the Feds included CBDC as one of its responsibilities.

If you want to assume unelected bureaucrats are going to do the things you expect them to do, you do that at your own risk. This Administration is already moving in the direction of a CBDC, and the events of this week have only made that more clear. pic.twitter.com/JAtCpUgaSm

— Tom Emmer (@GOPMajorityWhip) March 17, 2023

In his view, Central Banks around the world missed out on crypto because they did not expect it to grow beyond the concept of virtual money. But with the space gaining traction and enjoying more adoption, the regulators and bureaucrats want to bring it under their control since they cannot shut it down.

Emmer warned that the CBDC could be used as a financial control tool, the same way China uses its Digital Yuan. “This Administration is already moving in the direction of a CBDC, and the events of this week have only made that more clear,” he added.

Meanwhile, this is not the first time that Emmer would criticize the Fed and accuse the US government of tryi

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Author: Oluwapelumi Adejumo

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