Central Bank Digital Currency Heading Toward Full Stop…

US Capitol Building and Central Bank Digital Currency

House Republicans Advance Bill to Block Federal Reserve from Issuing Digital Currency

House Republicans have passed a bill that would prohibit the Federal Reserve from creating a digital currency. This legislation, known as the Central Bank Digital Currency Anti-Surveillance State Act, is now heading to the House for further consideration.

Sponsored by Rep. Tom Emmer (R-MN), the bill gained traction within the House Financial Services Committee, securing the endorsement of the committee’s Republican members while facing resistance from several Democrats.

The key provisions of the act prevent the Federal Reserve from:

  • Issuing a Central Bank Digital Currency (CBDC) directly to U.S. citizens.
  • Leveraging intermediaries to circulate a CBDC.
  • Using a CBDC as a tool for monetary policy implementation.

Committee Chairman Patrick McHenry (R-NC) emphasized the importance of the legislation in preserving the financial privacy of American citizens and ensuring any decisions about CBDCs pass through congressional oversight.

However, this legislative move hasn’t been without its critics. Leading Democrats see this as a counterproductive action that could stifle innovation and put the U.S. at a disadvantage in the burgeoning digital currency race. Ranking Member Maxine Waters (D-CA) criticized the bill for being “antithetical to innovation and competition”, highlighting the urgent need for the U.S. to keep pace with other global powers like China in the digital currency domain.

Another notable voice of dissent was Rep. Brad Sherman (D-CA), who expressed concerns over the perceived contradiction in Republicans endorsing this bill while also supporting the broader, less-regulated cryptocurrency market.

Despite the criticism, Republicans, including Rep. Warren Davidson (R-OH), defended the bill, arguing that the introduction of a CBDC could pose a significant threat to U.S. values and the essence of Western civilization.

The bill’s journey isn’t over. Following the House’s vote, it will be up to the Democrat-dominated Senate to decide its fate. This forthcoming debate is expected to delve deeper into the complexities of digital currencies, their potential implications for the U.S. economy, and the broader philosophical differences that underpin this critical financial discussion.

What are your thoughts on CBDC? Leave a comment below…

4 Replies to “Central Bank Digital Currency Heading Toward Full Stop…

  1. Stop the digital currency, government already is intrusive enough. Don’t give these progressives more power over the American citizens.

  2. The Digital Dollar known as CBDC would be bad news for Americans freedom. If you did anything the government doesn’t like they can devalue your money or cut it off all together. It also does away with cash. Americans like the freedom of untraceable cash without having the government looking over your shoulder telling you what you can or can not buy. CBDC infringes on our Constitutional rights of freedom and privacy. We should not be so stupid as to want anything Communist Red China is doing or May do. Freedom for We The People is what America is all about not Communism.

    1. I have been so worried ever since Biden signed the Executive Order first year in office March 12th I believe. Could not get any one to recognize the horrendous power of our basic rights with the constitution. Yeah for trying to stop further dictatorship on us.

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