In recent days, the FED and the CBDC are attracting particular attention from the crypto community. Indeed, fifty pro-crypto Republican deputies have just presented a bill aimed at countering the CBDC. These elected officials raise relevant concerns about financial confidentiality and individual freedom.
A law aimed at blocking the FED project
On September 20, the United States Financial Services Committee adopts the bill to ban the issuance of CBDC by the FED. The latter was presented by Majority Whip Tom Emmer. He is also known for his interest in crypto. The bill strongly opposes the possibility of the Federal Reserve issuing its own digital currency.
But even if the United States Financial Services Committee approves the initiative, his future in the Senate remains uncertain. The reason is that the Senate is majority led by Democrats who are mostly anti-crypto. That’s not all ! The Senate Banking Committee may also not support this pro-crypto-initiated legislation.
Why are pro-crypto people so opposed to the FED’s CBDC?
CBDC is a digital currency issued by a central bank. It aims to replace cash by offering a digital version of traditional tickets. But above all, its main objective is to allow the central bank to better control financial transactions. The CBDC would give it the ability to track and regulate individuals’ spending.
Thus, pro-crypto people strongly oppose this concept which affects privacy and financial freedom.
What is the CBDC Anti-Surveillance State Act?
On September 12, pro-crypto Tom Emmer reintroduces the CBDC Anti-Surveillance State Act. Its motive: to prevent unelected officials of the FED from issuing a CBDC which could compromising Americans’ financial privacy.
Unlike decentralized cryptocurrencies, CBDC is indeed a government-controlled digital currency. It is therefore “programmable” and potentially subject to government surveillance.
This legislation gained significant supportwith the support of:
- 60 members of Congress
- Various interest groups
- Independent Community Bankers Association to Blockchain Association
Pro and anti-crypto Americans are awaiting the evolution of this CBDC affair which will certainly shape the future of the country.
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