US lawmakers from both sides of the aisle introduced a bill this week to prevent the Federal Reserve from issuing central bank digital currency.
Republican Representative French Hill of Arkansas and Democratic Representative Jake Auchincloss of Massachusetts introduced the bill this week, dubbed the Power of the Mint Act.
Hill Says This Is the First Bipartisan Bill in Congress to Block Central Banks From Issuing CBDCs in the House floor This week.
“Americans have a right to financial privacy. That’s why I’m proud to stand with the gentleman from Massachusetts in defending civil liberties, the dollar’s role as the global reserve currency, and preventing the state from monitoring everyday Americans.” For,” Hill said.
CBDCs Are Controversial
Advocates say that CBDCs can provide better financial services to their citizens, while critics say that CBDCs are a violation of privacy.
Florida Governor Ron DeSantis signed a bill last week banning CBDCs, saying Florida is the first state to do so.
“The movement to establish a central bank digital currency is an attempt to monitor and control Americans’ finances. It would violate privacy, limit consumer choice, and undermine market competition,” DeSantis tweeted in March. Was.
Republican Sen. Ted Cruz and Rep. Tom Emmer have also City: Bill to prevent the Federal Reserve from issuing CBDCs directly to individuals.
According to the Atlantic Council on CBDCs, more and more countries are exploring CBDCs, with 114 countries now looking at them, compared to just 35 in 2020. tracker,
The Atlantic Council said it expects the momentum to continue this year.
“In 2023, more than 20 countries will take significant steps towards piloting CBDCs. Australia, Thailand, Brazil, India, South Korea and Russia intend to continue or start pilot tests in 2023. ECB [European Central Bank] There is also the possibility of launching a pilot next year,” said the Atlantic Council.