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.

The bill, called the “CBDC Anti-Surveillance State Act”, states that “Except as expressly authorized under this Act, a Federal Reserve Bank may not offer products and services directly to an Individual, maintain an Account on behalf of an Individual, or issue a central banking digital currency directly to an Individual.” The bill further states that the Federal Open Market Committee and the Board of Governors of Federal Reserve System may not use any central bank currency to implement monetary policies. In his tweet announcing this bill, Emmer stated that any digital version of the Dollar must adhere to our American values of privacy and individual sovereignty. Any less could lead to the creation of a dangerous surveillance tool. Due to the many issues many see as possible consequences of creating an American CBDC, the bill seeks to stop the creation of a CBDC. 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 may make it impossible. Many Representatives who were involved in the bill also supported it. Rep. Barry Loudermilk (Republican from Georgia) released a statement stating that he was proud to work with Rep. Emmer to stop the Fed issuing a central bank digital money. The Fed should remain focused on its core mission, which is to stabilize prices and maximize employment. It should not keep track of 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.”