Republicans are more vocal in their opposition to central bank digital currencies (CBDCs)
To prohibit “intermediated” CBDCs, House Majority Whip Tom Emmer has amended an existing measure.
The Republican majority in the House is once again working to outlaw CBDCs issued by central banks, this time expanding the bill to include “intermediated CBDCs.”
Rep. Tom Emmer (R-MN) reintroduced the Central Bank Digital Currency Anti-Surveillance State Act on Tuesday, September 12.
The law, which was first filed in February and has since been amended, proposes a ban on “intermediated CBDCs,” or CBDCs with which the general public has no contact.
The principal goal of the Act was to restrict the Federal Reserve’s ability to function as a retail bank that may collect sensitive information about individual Americans. It also mandated quarterly reporting to Congress and regular communication between the Federal Reserve and its affiliated banks about CBDC development.
Intermediated CBDCs are designed specifically for financial institutions, in contrast to ordinary retail CBDCs which act as a public digital currency equivalent. Their primary objective is to improve distribution and transactions, especially in the commercial banking industry.
The newest development demonstrates the Republican Party’s unwavering opposition to CBDCs in whatever form. However, with Democrats controlling the White House and Senate, any legislation pushed by Republicans has very little odds of passing.
DeSantis said they are used for “government-sanctioned surveillance.” According to Ramaswamy, CBDCs might be compared to the social credit system in China.
“CBDCs are merely the most recent Trojan horse of the Great Reset and a clear path to a social credit system that will permanently incorporate ESG into our currency itself.”
However, 98 percent of countries are either considering or actively implementing CBDC, according to the Atlantic Council. Public versions have been released in both Nigeria and China. Unfortunately, Nigeria’s effort has met with a cool reception and very little uptake.
Wallets