US House of Representatives propose bill to limit Fed’s ability to issue CBDCs

Minnesota Representative Tom Emmer announced that He will introduce a bill aimed at preventing the Federal Reserve (FED) from acting as a retail bank in issuing currency. Potential “digital dollars”

In an announcement on Wednesday, Emmer saidThe bill would prohibit the FED from issuing central bank digital currencies, or CBDCs, directly to US consumers. According to a Minnesota representative, having a government agency requiring users to open accounts to access the benefits of the digital dollar would “put the FED on a vicious path similar to the dictatorship of China.”

“The Fed should not have the authority to offer bank accounts for individual users,” Emmer said. “Whatever CBDC the Fed will adopt, it must be open, permissionless, and private. This means that digital dollars must be accessible to everyone, transactions on the blockchain are transparent for everyone, and the privacy element of cash is maintained.”

US lawmakers It also criticized the Fed’s release of CBDCs as being too centralized, leaving users’ personal data vulnerable to attack. According to Emmer, the digital dollar should aim to protect financial privacy, maintain its dominance over the country’s fiat currency, and foster innovation.

Emmer has previously supported greater regulatory clarity of digital assets in the United States. passed the law It introduced the bill in May and July 2021, in which he and other lawmakers also question the Securities and Exchange Commission’s decision. disapproved exchange-traded fund or Bitcoin ETF

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