US Republican Representative Warren Davidson is raising his voice against central bank digital currencies (CBDCs). According to him, money should not be programmable by a central authority. Thus, he strongly calls for their prohibition and criminalization.
“The CBDC is the financial equivalent of the Death Star”, says Warren Davidson
In the United States, the CBDC is at the heart of the concerns. Congressman Warren Davidson, in particular, has expressed concern over the development of CBDCs. Indeed, he regards them as a threat to the financial autonomy of individuals.
Concretely, Warren Davidson accuses the Federal Reserve of wanting to create the financial equivalent of the Death Star. In his commentshe alludes to the power of coercion and control that these digital currencies could confer on central authorities.
“Money should be a stable store of value. It should in no case be subject to programming by a central authority.supports the Republican representative.
According to him, a sound currency should facilitate peer-to-peer transactions without permission thus preserving the financial privacy of individuals.
In his quest to protect the financial freedom of American citizens, Warren Davidson calls on Congress to act quickly by prohibiting any design, construction, development, testing or establishment of CBDCs. This statement comes in response to a plan by the Federal Reserve Bank of San Francisco to hire a “senior crypto architect” to work on a CBDC project.
Towards a key debate in the presidential election
Warren Davidson is not alone in his fight against CBDCs. Other political figures also oppose these state-controlled digital currencies. Such is the case of US presidential candidate Ron DeSantis. The latter promises to remove all digital currency from the central bank if he becomes president. Similarly, Republican Tom Emmer has pledged to protect Americans’ right to financial privacy by fighting CBDCs.
The issue of CBDCs should therefore become a central topic of discussion during the upcoming presidential election in the United States. The FED is actively exploring the technology of a potential digital dollar. But no official decision has been taken to date as to its issuance.
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