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The US Congress is currently considering several initiatives aimed at restricting the issuance of a Central Bank Digital Currency (CBDC).
A group of Republicans has proposed amendments to the "21st Century Housing Act" that would impose a permanent ban on the Federal Reserve issuing a digital dollar, as well as prohibit licensed banks from issuing similar digital instruments. Originally, these restrictions were slated to remain in effect until 2030; however, the new version of the amendments seeks to make the ban indefinite.
Congressman Warren Davidson criticized the initial draft of the amendments, arguing that it merely gives the Federal Reserve time to prepare for the launch of a CBDC. He characterized the Act itself as a "Trojan horse" that could pave the way for a digital dollar.
Meanwhile, House Republican Leader Tom Emmer is championing a separate piece of legislation—the "Anti-CBDC Surveillance State Act"—which would also prohibit the Federal Reserve from issuing a CBDC. The House of Representatives has already passed the measure, though the Senate has yet to adopt it.
Amidst growing debate surrounding the digital dollar, the standoff in the US is intensifying between proponents of financial innovation and those who view a CBDC as a threat to individual control and privacy.
A group of Republicans has proposed amendments to the "21st Century Housing Act" that would impose a permanent ban on the Federal Reserve issuing a digital dollar, as well as prohibit licensed banks from issuing similar digital instruments. Originally, these restrictions were slated to remain in effect until 2030; however, the new version of the amendments seeks to make the ban indefinite.Congressman Warren Davidson criticized the initial draft of the amendments, arguing that it merely gives the Federal Reserve time to prepare for the launch of a CBDC. He characterized the Act itself as a "Trojan horse" that could pave the way for a digital dollar.
Meanwhile, House Republican Leader Tom Emmer is championing a separate piece of legislation—the "Anti-CBDC Surveillance State Act"—which would also prohibit the Federal Reserve from issuing a CBDC. The House of Representatives has already passed the measure, though the Senate has yet to adopt it.
Amidst growing debate surrounding the digital dollar, the standoff in the US is intensifying between proponents of financial innovation and those who view a CBDC as a threat to individual control and privacy.
