State Rep. Tom Emmer said the Federal Reserve's recent moves suggest the government will launch CBDCs.

The congressman made the statement at a CATO Institute event in response to a question about whether the Fed would issue CBDCs.

The financial authority previously said it could not take such action without the approval of the U.S. Congress.

However, the majority party noted that the agency's recent actions suggest that the administration wants to issue digital dollars.

Emmer said a recent Federal Reserve document lists CBDCs as one of its responsibilities.

In his view, central banks around the world have missed Crypto because they did not anticipate that CBDCs would go beyond the concept of virtual currencies.

But as the space grows in popularity and more people embrace it, regulators and bureaucrats want to bring it under their control because they can't stop its growth.

Emmer said CBDCs could be used as a financial control tool, much like China uses the digital yuan.

He added, "This administration is already moving in the direction of CBDC, and the events of this week only make that more clear."

State Rep. Tom Emmer said the Federal Reserve's recent moves suggest the government will launch CBDCs.

The congressman made the statement at a CATO Institute event in response to a question about whether the Fed would issue CBDCs.

The financial authority previously said it could not take such action without the approval of the U.S. Congress.

However, the majority party noted that the agency's recent actions suggest that the administration wants to issue digital dollars.

Emmer said a recent Federal Reserve document lists CBDCs as one of its responsibilities.

In his view, central banks around the world have missed Crypto because they did not anticipate that CBDCs would go beyond the concept of virtual currencies.

But as the space grows in popularity and more people embrace it, regulators and bureaucrats want to bring it under their control because they can't stop its growth.

Emmer said CBDCs could be used as a financial control tool, much like China uses the digital yuan.

He added, "This administration is already moving in the direction of CBDC, and the events of this week only make that more clear."