Fed Committee Member Lael Brainard says Congress will have to decide whether to compete with China’s digital yuan.

Federal Reserve Board (FED) member Lael Brainard said Congress would eventually have to decide whether to move forward with central bank digital currencies, or CBDCs, to compete with China’s digital yuan.

In addressing crypto-supporting Senator Cynthia Lummis at the Dirksen Senate building on Thursday, Brainard. said Fed welcomes Congress at “It plays a very important role” in improving the regulatory framework for cryptocurrencies and digital assets When asked about the possibility of using a CBDC to monitor users’ financial activities — as Lummis said took place in China — Brainard questioned the decision by lawmakers.

“This question is about cryptocurrencies — and it’s a big one — we’re waiting for Congress. In deciding to make CBDC available to retail customers And management will advise us in this area,” Brainard said. “We do the necessary research on policy and technology. Therefore, we are in a position to move forward if Parliament decides that it is important to be able to compete with China in this regard. Of course, privacy protection is very important.”

Brainard has been named by President Joe Biden as the next vice president of the Federal Reserve. It will replace Richard Clarida, who announced Monday that he intends to resign on Friday before his term expires at the end of the month. If she receives more than 50 votes at the time of the nomination She will remain vice president of the Fed until 2026.

Brainard has spoken in favor of the United States. issuing digital dollars As China leads the way in launching its own CBDC, in July sheclaimto establish a CBDC urgently and she also expressed concern about “Legal and regulatory defense financial stability and the role of currency in society” for cryptocurrencies such as Bitcoin (BTC).

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