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An effort to introduce a digital dollar (CBDC) in the United States faced opposition in the Senate. A coalition of senators has introduced a bill that could potentially halt the Federal Reserve’s intentions to launch the CBDC.
Five U.S. senators collaborated to present the “CBDC Anti-Surveillance State Act,” which would eliminate the possibility of the Fed issuing the digital dollar. The primary sponsor of the bill is Ted Cruz, alongside Senators Bill Hagerty, Rick Scott, Ted Budd, and Mike Braun, all of whom are affiliated with the Republican Party.
The proposed legislation clearly states that the Fed does not possess the authority to implement the CBDC, as the agency cannot directly provide specific products or services to individuals. In the accompanying memorandum, the senators also voice concerns regarding the White House’s intentions to monitor citizens and restrict the freedom and financial privacy of Americans utilizing the digital dollar.
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The authors of the bill caution that the government might leverage the central bank digital currency to stifle its political adversaries. The legislation also indicates that congressional approval would be necessary for the issuance of any type of CBDCs in the future.
Additionally, former President Donald Trump, who is campaigning for the position again in 2024, has been vocally opposed to CBDCs. He has consistently assured voters that he would “never allow” the establishment of an in-house CBDC, frequently highlighting the drawbacks of implementing the digital dollar.
Nonetheless, the development and various trials of the U.S. CBDC have been ongoing for several years. In August 2023, the Digital Dollar Project conducted tests on the use of a retail CBDC for international money transfers. It was previously reported that Ripple Labs is participating in the development of the digital dollar. Concurrently, two-thirds of Americans have expressed apprehensions regarding the launch of the CBDC, and many researchers concur that the digital dollar for the United States is “a solution in search of a problem.”
Сообщение U.S. Senators Release Anti-CBDC Bill появились сначала на CoinsPaid Media.
