At her affirmation listening to in entrance of members of the Senate Banking Committee, Federal Reserve board of governors member Lael Brainard stated Congress would in the end must determine to maneuver ahead with a central financial institution digital foreign money, or CBDC.
Addressing pro-crypto Senator Cynthia Lummis on the Dirksen Senate Workplace Constructing on Thursday, Brainard stated the Fed would welcome Congress “taking an important position” in updating the regulatory framework for cryptocurrencies and digital belongings. When questioned as to the potential use of CBDCs to surveil customers’ monetary actions — as Lummis alleged occurs in China — Brainard once more deferred the choice to lawmakers.
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