Friday, January 28, 2022
Home Crypto News Market U.S Congressman Tom Emmer, Presented Bill Restricting Fed From Issuing CBDC Directly...

U.S Congressman Tom Emmer, Presented Bill Restricting Fed From Issuing CBDC Directly To Individuals

- Advertisement -

Congressman Tom Emmer introduced a bill to bar the Fed from offering central bank digital currency (CBDC) directly to individuals.

Emmer proposed amendments to the Federal Reserve Act: “the Federal Reserve Bank may not directly offer products and services to an individual, maintain an account on behalf of an individual, or issue CBDCs directly to an individual.”

According to the congressman, requiring citizens to open accounts with the Fed to access digital currency will be a “slippery slope, similar to Chinese authoritarianism.”

“As other countries, like China, develop CBDCs that fundamentally omit the benefits and protections of cash, it is more important than ever to ensure the United States’ digital currency policy protects financial privacy, maintains the dollar’s dominance, and cultivates innovation.”

Emmer suggested that Digital Dollar must maintain privacy like cash:

“Any CBDC implemented by the Fed must be open, permissionless, and private. This means that any digital dollar must be accessible to all, transact on a transparent blockchain, and maintain the privacy elements of cash.”

He said that To maintain the dollar’s status as the world’s reserve currency in a digital age, it is vital that the United States lead with a posture that prioritizes innovation and does not aim to compete with the private sector.

He also noted the risk of CBDC that can collect personally identifiable information on users and track their transactions indefinitely, which can be used for mass surveillance, so the agency “does not have and should not have” any such powers.

The bill has no co-authors yet. In the lower house of the US Congress, the Republican Party, to which Emmer belongs, is in the minority.

Earlier, Fed Chairman Jerome Powell promised to provide a report on the digital dollar in the coming weeks. Recall that in June 2021, Emmer called for the elimination of the possibility of control over citizens in the design of the digital dollar.

- Advertisement -
Albert Brown
Albert Brown is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. Holds major cryptocurrencies and has written for multiple crypto media outlets. His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.


Please enter your comment!
Please enter your name here

- Advertisment -

Recent News & Articles

FLOKI Partners With Crypto Education Specialists TechTree to Build the Premier Crypto Educational Platform “Floki University”

Floki Inu (FLOKI) recently declared via tweet that it has partnered with TechTree, the core educational platform for crypto and De-Fi - a core...

Crypto Relief India has decided to move $100 Million USDC Back to Vitalik Buterin Wallet with the Intention to Accelerate Relief Efforts in India

Sandeep Nailwal, a cofounder of Polygon (MATIC) and founder of Crypto Relief, has just posted a CryptoRelief Update via his official Twitter handle. According to...

Ripple Supporters May Wait Until Next Year Before SEC Lawsuit Will End

John Deaton said Ripple supporters may have to wait until next year before a verdict is given in the  lawsuit filed by the Securities...

DeFi Wallet Ambire Gains Momentum, Launches $WALLET Token on Huobi Primelist

Sofia, Bulgaria, 28th January, 2022, — DeFi-focused crypto wallet by Ambire is launching its much anticipated governance token on the Huobi exchange. Ambire...

Celebrate Lunar Spring Festival With Theme: A Holiday For Some, Rewards For Everyone. wishes all its users a very happy Lunar Spring Festival! May the year of the Tiger bring you health, wealth, love, and prosperity.

Bradenton Hot Dog Restaurant Embraces Dogecoin As Payment

A Bradenton restaurant named Willy-Yums has announced that customers can now pay for their favorite hot dog sandwiches using popular cryptocurrency dogecoin (DOGE). 

Some Major Thing Coming For SHIB, Shiba Inu Team Teases: ‘Something Is Cooking, Will You Be Ready’

Nowadays, Shiba Inu (SHIB) teases its holders and followers with new surprises. window.coinzilla_display = window.coinzilla_display || ; ...

Subscribe To Our Newsletter

Get Updated with All The latest Crypto News, Articles, Reviews, Analysis and much more. Delivered Every Monday.