Fed's Lael Brainard invites Congress to choose whether to compete with China's digital yuan

Fed's Lael Brainard invites Congress to choose whether to compete with China's digital yuan


At her confirmation hearing in front of members of the Senate Banking Committee, Federal Reserve board of governors member Lael Brainard said Congress would ultimately have to decide to move forward with a central bank digital currency, or CBDC.

Addressing pro-crypto Senator Cynthia Lummis at the Dirksen Senate Office Building on Thursday, Brainard said the Fed would welcome Congress “taking a very important role” in updating the regulatory framework for cryptocurrencies and digital assets. When questioned as to the possible use of CBDCs to surveil users’ financial activities — as Lummis alleged happens in China — Brainard again deferred the decision to lawmakers.

“This question about digital currency — it’s a big question — we really are looking to Congress [in deciding to make CBDCs available to

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