US law to prevent issuance of a CBDC
A new US law aims to prevent the issuance of a CBDC. The creator of the draft is a well-known crypto advocate within US politics. Among authorities, the digital central bank currencies are among the current trending topics.
US law to prevent issuance of the digital central bank currencies
A new US law aims to prevent the issuance of a CBDC. Republican MP Tom Emmer wants to fulfill this wish for himself and his supporters. Yesterday he therefore introduced the “CBDC Anti-Surveillance State Act”. Its title translates into German as CBDC Anti-Surveillance State Law .
Today I introduced legislation to stop efforts by unelected bureaucrats in Washington DC to deprive Americans of their right to financial privacy.
Explains Emmer on Twitter. According to him, the decree should fulfill three different tasks. On the one hand, it prohibits the US Federal Reserve from issuing a CBDC. On the other hand, it prevents the Fed from influencing fiscal policy. In this way, Emmer wants to keep her influence on the country’s economy low.
In addition, all CBDC projects of the central bank are to be made transparent to the US Congress and the public.
Any digital version of the dollar must uphold our American values of privacy, individual sovereignty, and free enterprise competitiveness. Anything else opens the door to the development of a dangerous surveillance tool.
Execute Emmer. In doing so, he fully agrees with the crypto scene’s criticism of digital central bank money. Here, a CBDC has long been seen as a dystopian surveillance tool, as it would give the relevant authorities absolute power over the monetary system.
The Republican is convinced that freedom must be actively protected in order to promote further innovation in the USA.
“After all, the US is not a technological leader because we impose regulations on innovation, but because we allow technology to thrive.”
CBDC in the US remains a contentious issue
While many countries around the world actively support CBDCs, the opinion of the authorities in the USA is strikingly ambiguous. A CBDC in the US remains a contentious issue. Even among the executives of the US central bank, critical voices are being raised.
The well-known FED President Neel Kashkari is also one of the critics of a CBDC. A central bank digital currency is finding support primarily among supporters of the Democratic Party. Crypto enthusiasm can be observed particularly in the Republican Party.
Republican Andy Biggs has already publicly announced that he will support his colleague Emmer’s draft. Emmer had already proposed a similar law in January 2022. At the time, his party was only a minority in Congress. The law failed. Republicans currently make up the majority of MPs.
The law is not confirmed. It would first have to be passed by Congress and then accepted by US President Joe Biden.
There are no plans to introduce a CBDC in Switzerland. The first tests have been in place since 2020. The Swiss National Bank is currently convinced that the downsides of a digital franc predominate. Only months should pass before the introduction of a digital euro .
