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U.S. LEGISLATORS INTRODUCE BILL THAT WOULD PROHIBIT CREATION OF AN AMERICAN CBDC

The bill would effectively put an end to the debate over the creation of a Federal Reserve-issued CBDC.

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

The bill, titled the “CBDC Anti-Surveillance State Act” details that “Except as specifically authorized under this Act, a Federal Reserve bank may not offer products or services directly to an individual, or maintain an account on behalf of an individual, or issue a central bank digital currency directly to an individual.” It goes on to further detail specifically that “The Board of Governors of the Federal Reserve System and the Federal Open Market Committee may not use any 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 less opens the door to the development of a dangerous surveillance tool.”

The bill aims to stem the creation of a CBDC due to the various issues many see as potential results of the creation of an American CBDC. As detailed in various Bitcoin Magazine pieces like “The Dangerous Implications Of Central Bank Digital Currencies,” “Central Bank Digital Currencies: A Technocratic Fallacy” and “The U.S. Central Bank Digital Currency Narrative Is A Fantasy,” the idea of a CBDC not only has moral and ideological opposition to it, but technical limitations present challenges that could make such a thing not possible in the first place.

Several Representatives involved in the bill have also voiced their support. Rep. Barry Loudermilk (R-GA) released a statement saying that he was “Proud to join forces with Rep. Emmer on legislation to keep the Fed from issuing a central bank digital currency. The Fed should be focused on its core mission of stable prices and max employment, not tracking our transactions indefinitely.” In addition, Rep. Andy Biggs (R-AZ) reiterated this point, explaining that “unelected bureaucrats are driving us to an authoritarian state. That can’t happen.”