{"id":21338,"date":"2023-02-22T10:49:22","date_gmt":"2023-02-22T18:49:22","guid":{"rendered":"https:\/\/coinnetworknews.com\/u-s-legislators-introduce-bill-that-would-prohibit-creation-of-an-american-cbdc\/"},"modified":"2023-02-22T10:49:22","modified_gmt":"2023-02-22T18:49:22","slug":"u-s-legislators-introduce-bill-that-would-prohibit-creation-of-an-american-cbdc","status":"publish","type":"post","link":"https:\/\/coinnetworknews.com\/u-s-legislators-introduce-bill-that-would-prohibit-creation-of-an-american-cbdc\/","title":{"rendered":"U.S. Legislators Introduce Bill That Would Prohibit Creation Of An American CBDC"},"content":{"rendered":"

The bill would effectively put an end to the debate over the creation of a Federal Reserve-issued CBDC.<\/p>\n

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

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The bill, titled the \u201cCBDC Anti-Surveillance State Act\u201d details that \u201cExcept 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.\u201d It goes on to further detail specifically that \u201cThe 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.”<\/p>\n

Rep. Emmer explained in his tweet<\/a> announcing the bill that \u201cAny 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.\u201d <\/p>\n

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 \u201cThe Dangerous Implications Of Central Bank Digital Currencies<\/a>,\u201d \u201cCentral Bank Digital Currencies: A Technocratic Fallacy<\/a>\u201d and \u201cThe U.S. Central Bank Digital Currency Narrative Is A Fantasy<\/a>,\u201d 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. <\/p>\n

Several Representatives involved in the bill have also voiced their support. Rep. Barry Loudermilk (R-GA) released a statement<\/a> saying that he was \u201cProud 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.\u201d In addition, Rep. Andy Biggs (R-AZ) reiterated this point<\/a>, explaining that \u201cunelected bureaucrats are driving us to an authoritarian state. That can’t happen.\u201d<\/p>\n

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