U.S. U.S. Legislators Introduce a Bill That Would Prohibit the Creation Of An American CBDC
The bill would effectively end the debate about the Federal Reserve-issued CBDC.U.S. The bill was introduced by Tom Emmer (R-MN), which would prohibit the Federal Reserve’s issuing CBDCs directly to anyone.
Rep. In a tweet announcing his bill, Emmer stated that any digital version of the dollar must adhere to our American values of privacy and individual sovereignty as well as free market competition. Any less will lead to the development of dangerous surveillance tools.” The bill seeks to stop the creation of a CBDC because of the many issues many see as possible consequences of the creation. The idea of a CBDC is a controversial one. This is evident in several Bitcoin Magazine articles like “The Dangerous Implications of Central Bank Digital Currencies,” and “Central Bank Digital Currencies, A Technocratic Fallacy” as well as “The U.S. Central Bank Digital Currency Narrative is a Fantasy.” There are technical limitations that could make it impossible. Many Representatives who were involved in the bill also supported it. Rep. Barry Loudermilk (R.GA) released a statement stating that he was “proud to join forces avec Rep. Emmer on legislation keeping the Fed from issuing central bank digital currencies.” The Fed should remain focused on its core mission, stable prices and maximum employment, not tracking our transactions indefinitely.” Rep. Andy Biggs (R.AZ) also reiterated this point, stating that “unelected bureaucrats drive us to an authoritarian government.” This cannot happen.”