No CBDC Without Congressional Green Light: A Reality?
U.S. Republican Senators are drafting a bill aimed at preventing the Federal Reserve from autonomously deciding on the introduction of a Central Bank Digital Currency (CBDC).
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U.S. Republican Senators are drafting a bill aimed at preventing the Federal Reserve from autonomously deciding on the introduction of a Central Bank Digital Currency (CBDC).
This bill stipulates that the Federal Reserve can only issue digital currency with explicit permission from Congress.
Proponents of this bill argue that the Federal Government could utilize CBDCs to surveil the financial activities of American citizens, possibly even limiting their access to personal funds.
The proposal, known as the Central Bank Digital Currency Anti-Surveillance State Act, is championed by Senator Ted Cruz and fellow Republican senators Bill Hagerty, Rick Scott, Ted Budd, Mike Braun, and Kevin Cramer.
The legislation has also won support from various advocacy groups, including Heritage Action for America, the Blockchain Association, and the American Bankers Association.
The Biden administration salivates at the prospect of emulating China’s use of CBDCs, infringing on our freedom and intruding on the privacy of citizens to surveil their personal spending habits, which is why Congress must clarify that the Federal Reserve has no authority to implement a CBDC
Senator Cruz remarked.
It should be noted that back in 2022, the presidential administration had directed the Federal Reserve to explore the possibilities of CBDCs.
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