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A bill containing provisions that prevent the Federal Reserve (FED) from issuing or using a Central Bank Digital Currency (CBDC), and is considered anti-CBDC, has been passed by the House Financial Services Committee and presented to the House of Representatives with a positive report. If approved, the bill will be voted on in Congress in the next stage.
CBDC Anti-Surveillance Bill Passes the Financial Services Committee
The “CBDC Anti-Surveillance State Act,” which includes provisions that prevent the FED from issuing and using CBDC, has passed the House Financial Services Committee and has been presented to the House of Representatives with a positive report. If approved by the House of Representatives, the anti-CBDC bill will be put to a vote in Congress in the next step.
Tom Emmer, a member of the United States House of Representatives and the author of the bill, stated in a press release on September 20 that the CBDC Anti-Surveillance State Act has passed the committee and has been presented to the House of Representatives with a positive report. Emmer claimed that the bill already has the support of 60 members of Congress.
Emmer, the author of the anti-CBDC bill, also drew attention to financial privacy. Tom Emmer stated that CBDCs (Central Bank Digital Currencies) violate financial privacy and are not compatible with American values.
Debates Continue on CBDCs
There have been many significant developments in cryptocurrency regulations in recent times. The tension between crypto companies and financial regulatory institutions has escalated significantly with the Securities and Exchange Commission (SEC) filing lawsuits against Binance and Coinbase in June.
Central Bank Digital Currencies (CBDCs) have also become a significant topic of debate during this process. While some argue that CBDCs are an important innovation that can be integrated into the traditional financial system, many others emphasize the need for necessary regulations to protect financial privacy, stating that CBDCs may violate it. The attitudes of countries’ financial regulatory institutions towards CBDCs have varied during this process. In recent times, many central banks have started their work to issue their own CBDCs and have begun intensive studies on the potential benefits and risks of CBDCs.
