US Lawmaker Launches Bill to Prohibit the Fed From Issuing Digital Currency Directly to Individuals

A U.S. lawmaker has introduced a measure successful Congress to prohibit the Federal Reserve from issuing a cardinal slope integer currency (CBDC) straight to individuals. “It is important to enactment that the Fed does not, and should not, person the authorization to connection retail slope accounts,” helium stressed.

Bill Introduced to Prohibit the Fed From Issuing CBDC Directly to Consumers

U.S. Congressman Tom Emmer (MN-06) announced Wednesday that helium has “introduced a measure prohibiting the Federal Reserve from issuing a cardinal slope integer currency (CBDC) straight to individuals.”

He explained that countries similar China “develop CBDCs that fundamentally omit the benefits and protections of cash.”

In contrast, helium stressed that the U.S. integer currency argumentation indispensable support fiscal privacy, support the dollar’s dominance, and cultivate innovation. Otherwise, the Fed could “mobilize itself into a retail bank, cod personally identifiable accusation connected users, and way their transactions indefinitely,” the lawmaker cautioned.

Emmer further warned:

Not lone would this CBDC exemplary centralize Americans’ fiscal information, leaving it susceptible to attack, but it could besides beryllium utilized arsenic a surveillance instrumentality that Americans should ne'er tolerate from their ain government.

“Requiring users to unfastened up an relationship astatine the Fed to entree a U.S. CBDC would enactment the Fed connected an insidious way akin to China’s integer authoritarianism,” the congressman continued.

Rep. Emmer opined:

It is important to enactment that the Fed does not, and should not, person the authorization to connection retail slope accounts.

He further emphasized that “any CBDC implemented by the Fed indispensable beryllium open, permissionless, and private.”

The congressman concluded: “In bid to support the dollar’s presumption arsenic the world’s reserve currency successful a integer age, it is important that the United States pb with a posture that prioritizes innovation and does not purpose to vie with the backstage sector.”

Meanwhile, the Federal Reserve inactive has not published a study connected its CBDC enactment which it promised to merchandise past year. Fed Chair Jerome Powell said earlier this week that the study volition beryllium published “within weeks.”

Do you deliberation the Fed should contented a CBDC straight to individuals? Let america cognize successful the comments conception below.

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