Fed digital currency plans questioned as document lists CBDC a key duty

Federal Reserve document lists central bank digital currency (CBDC) as a "key duty" to Congress, suggesting continued pursuit despite public claims otherwise
GOP Rep. Tom Emmer shared the document on Twitter, using it to argue the Fed is moving ahead with a CBDC plan
Emmer opposes a US CBDC, viewing it as a financial surveillance tool like China's digital yuan
Fed Chair Jerome Powell told Congress the Fed would only issue a CBDC with congressional approval and is still researching, not set on issuing one
The text discusses contrasts between China's more advanced CBDC development and the US' caution, as well as privacy being a top priority for any potential US CBDC