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The Financial Services Committee of the U.S. House of Representatives announced the passage of a bill aimed at blocking the use of central digital currency, proposed by Rep. Tom Emmer. The bill seeks to prohibit the Federal Reserve from issuing a digital currency. Approved by a vote of 27 to 22, the bill is set to be presented for discussion in the full House.
CBDC Legislation
The proposed legislation aims to prevent banks affiliated with the U.S. Federal Reserve from issuing a digital currency. The goal of the bill is to thwart the potential use of centrally controlled digital currencies as tools for surveillance. There are concerns that such a digital currency could facilitate government tracking of transactions.
Rep. Tom Emmer highlighted that a CBDC could be used as a financial surveillance tool. He emphasized that if such digital currencies do not offer privacy protections like cash, it could allow the government to monitor citizens’ transaction data and restrict unwanted activities.
“CBDCs can be used as a financial surveillance tool. If a CBDC lacks privacy protections like cash, it could enable the federal government to unilaterally monitor American citizens’ transactions and restrict politically undesirable activities.” – Rep. Tom Emmer
Central Bank Digital Currency
With the bill’s approval, it is expected that the proposed legislation will proceed to a full House vote. Emmer notes that public and political discussions around this issue may intensify, recalling a similar bill introduced in 2022. Additionally, this legislative proposal is seen as part of a bipartisan crisis regarding digital currency policies in Congress.
In another development, a bipartisan “Congress Crypto Group” has reportedly been established in the House of Representatives to shape digital asset policies. The group aims to play a leading role in setting global digital asset standards.
Some countries, like China, use digital currency systems to monitor citizens’ spending habits, while officials in Canada have frozen citizens’ accounts. Such practices highlight the risks associated with centralized digital currencies. Republicans had announced a CBDC ban as part of their campaign promises in the recent elections.
The bill will soon be discussed in the full House. Developments are expected to spark broader discussions about digital currency and related financial surveillance issues.
