Republican Lawmakers Introduce Legislation to Ban a CBDC in the US. Again
Republican lawmakers have introduced a new bill that would ban the Federal Reserve from issuing a central bank digital currency (CBDC) in the United States.
The legislation, titled the "Keep Our Money Sound Act," was introduced by Rep. Tom Emmer (R-Minn.) and Rep. Ted Budd (R-N.C.) on Friday. The bill aims to "prohibit the issuance of a digital dollar," according to a press release from Emmer's office.
The lawmakers argue that a digital dollar would undermine the privacy and security of Americans' financial transactions, and could also lead to the concentration of power in the hands of the federal government.
"Americans' privacy and financial security are under attack, and a digital dollar would only make things worse," Budd said in a statement. "We must ensure that the United States remains a global leader in financial innovation, and that means rejecting the idea of a digital dollar."
This is not the first time Republican lawmakers have attempted to ban a CBDC in the US. In 2021, Rep. Budd introduced a similar bill that sought to prohibit the Federal Reserve from issuing a digital dollar.
The introduction of the "Keep Our Money Sound Act" comes amid growing interest in CBDCs among central banks around the world. China has already launched a digital yuan, while other countries, including the European Union and the United Kingdom, are exploring the possibility of issuing their own digital currencies.
The Federal Reserve has also been exploring the potential benefits and risks of a digital dollar, and has said it will release a discussion paper on the topic in the coming months.
However, the introduction of the new bill suggests that there is still significant opposition to the idea of a digital dollar among some lawmakers in the US. It remains to be seen whether the "Keep Our Money Sound Act" will gain traction in Congress.
27 февраля 2024
