House of Representatives approves bill to ban CBDC in US
Date: 2024-05-24 Author: Oliver Abernathy Categories: IN WORLD
Congressional support
A bill aimed at banning the Federal Reserve (Fed) from issuing central bank digital currency (CBDC) has been approved in the US Congress. The move is part of a broader initiative to counter the adoption of the digital dollar in the country. The bill, called the Anti-Central Bank Digital Currency (CBDC) Oversight Bill, was supported by 216 lawmakers, while 192 opposed it. It is noteworthy that only three Democrats supported the initiative, while the majority of Republicans voted in favor.
The author of the initiative and his position
Congressman Tom Emmer, the author of the bill, commented on its approval in the House of Representatives:
“We have worked for more than two years to advance, expand support for, and pass this important bill that will prevent bureaucrats from using the tool of financial surveillance to fundamentally undermine our American values.”
Emmer and most of his party members oppose the introduction of CBDC, believing that this tool can be used to control citizens and violate their privacy. According to Emmer, CBDC is a “means of government espionage.”
The next step is a vote in the Senate.
After approval in the House of Representatives, the bill is sent to the Senate for consideration, where it will also be voted on. The outcome of this vote will be decisive for the future of CBDC in the United States.
Background
The initiative comes amid growing debate over the role of digital currencies in the US financial system. Opponents of the digital dollar, such as Emmer, fear increased government control over citizens' financial transactions. Proponents believe that CBDC can help modernize the financial system and make it more efficient.
Other legislative initiatives
Previously, Congress also supported a bill to classify crypto assets, which met resistance from US Securities and Exchange Commission (SEC) Chairman Gary Gensler and President Joe Biden. These legislative initiatives indicate a growing focus on the regulation of digital assets and their role in the economy.
Thus, the House of Representatives' approval of the bill to ban CBDC in the United States was an important step in countering the implementation of the digital dollar, reflecting Republican concerns about the threat to privacy and control over citizens.
