US lawmakers introduce bill that would ban the creation of an American CBDC

The bill would effectively end the debate on creating a Federal Reserve-issued CBDC.

US Congressman Tom Emmer (R-MN) has introduced legislation that would prohibit the Federal Reserve from issuing a CBDC directly to anyone.

The bill, titled the CBDC Anti-Surveillance State Act, states that “Except as expressly authorized under this statute, a Federal Reserve Bank may not offer any product or service directly to an individual, or hold an account on behalf of an individual, or give issue a central bank digital currency directly to an individual.” It further specifically states that “the Board of Governors of the Federal Reserve System and the Federal Open Market Committee may not use a central bank digital currency to implement monetary policy.”

Rep. Emmer explained in his tweet Announcing the bill that “any digital version of the dollar must uphold our American values ​​of privacy, individual sovereignty, and free market competitiveness.” Anything else opens the door to developing a dangerous surveillance tool.”

The bill aims to curb the creation of a CBDC due to the various issues that many see as possible outcomes of the creation of an American CBDC. As in various articles of Bitcoin Described in magazines such as “The Dangerous Implications Of Central Bank Digital Currencies”, “Central Bank Digital Currencies: A Technocratic Fallacy” and “The US Central Bank Digital Currency Narrative Is A Fantasy”, the idea of ​​a CBDC is not only moral and ideological Resistance against it, but technical limitations pose challenges that could make such a thing impossible in the first place.

Several MPs involved in the bill have also expressed their support. Rep. Barry Loudermilk (R-GA) published a opinion He said he was “proud to join forces with Rep. Emmer on legislation to prevent the Fed from issuing a central bank digital currency. The Fed should be focused on its core mission of stable prices and maximum employment, not haunting our transactions indefinitely.” In addition, Rep. Andy Biggs (R-AZ) reiterated this point, stating that “unelected bureaucrats are driving us into an authoritarian state. That must not happen.”