Fed Boss Reveals Plans to Issue Digital Dollar and Regulate Stablecoins

Previously it was reported, Congressman Tom Emmer had offered to help former US President Donald Trump fight the creation of a central bank digital currency (CBDC) in the United States (US). Emmer agrees with Donald Trump's opinion, calling CBDC a serious threat.

“I look forward to working with him as we continue to fight against increasingly widespread government surveillance,” said Emmer, quoted from Bitcoin.com, Thursday (1/2/2024).

Trump promised the American people that if he is elected president of the United States in the next election, he will ensure that a central bank digital currency (CBDC) is not created in the US.

“As your president, I will never allow the creation of a central bank digital currency. Such a currency would provide the federal government. absolute control over your money. “This would be a dangerous threat to freedom,” Trump said.

Some Fed officials and lawmakers have questioned the need for a CBDC. Fed Governor Michelle Bowman, for example, has yet to see a convincing argument that a digital dollar could solve these problems more effectively and efficiently than other alternatives, or with less downside risk to consumers and the economy.

The Federal Reserve has begun exploring a digital dollar, but has not yet committed to creating one. In September last year, Fed Chair Jerome Powell clarified that his party had not decided to continue with the Digital Dollar

Emmer recently said Trump would likely become more crypto-friendly in his second term as president. The latest data from decentralized crypto-based prediction platform Polymarket shows Donald Trump, the 45th president of the United States, currently leading with a 48% chance of winning.