US legislators introduce bill that would block the creation of a US CBDC
The bill would effectively end the debate over the creation of a CBDC issued by the Federal Reserve.
US Congressman Tom Emmer (R-MN) has introduced a bill that would prevent the Federal Reserve from issuing CBDCs directly to anyone.
Titled the “CBDC Anti-Surveillance State Act,” the bill details that “except as specifically authorized under this act, a Federal Reserve Bank may not directly provide products or services to, or maintain an account on behalf of, or issue a central bank digital currency directly to, an individual.” It specifically elaborates further that “the Board of Governors of the Federal Reserve System and the Federal Open Market Committee may not use any central bank digital currency to implement monetary policy.”
Rap Emmer explained his tweet The bill declaring that “any digital version of the dollar must uphold our American values of privacy, individual sovereignty and free market competition. Anything less opens the door to the development of dangerous surveillance tools.”
The bill aims to prevent the creation of a CBDC due to various issues that many see as potential consequences of the creation of a US CBDC. As detailed in various Bitcoin Magazine pieces such as “The Dangerous Effects of Central Bank Digital Currencies,” “Central Bank Digital Currencies: A Technological Collapse,” and “The US Central Bank Digital Currency Narrative Is a Fantasy,” the idea of a CBDC is not only There is moral and ideological opposition to this, but technical limitations present challenges that may not make such a thing possible in the first place.
Several representatives involved in the bill have also given their support. Rep. Barry Loudermilk (R-GA) issued a statement Stating that he was “proud to join forces with Rep. Emer on legislation to prevent the Fed from issuing central bank digital currency. Keeping the Fed focused on its core mission of stable prices and maximum employment” should not track our transactions indefinitely. Also, Rep. Andy Biggs (R-AZ) repeated thisexplaining that “Unelected bureaucrats are leading us to an authoritarian state. This cannot happen.