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US сongressman proposes to ban CBDC

us-congressman-proposes-to-ban-cbdc
Edited by
News
US сongressman proposes to ban CBDC

US congressman Warren Davidson has voiced his concerns on central bank digital currencies (CBDCs), claiming they should be banned and criminalized.

In a tweet on July 23, the congressman described the Federal Reserve’s efforts as “building the financial equivalent of the death star.” This implies his significant concerns regarding the possible authority and control that a CBDC could give the central bank.

https://twitter.com/WarrenDavidson/status/1683079077245120514?t=m7oJzybxXePNouvQst6Kgg&s=19

In addition, Davidson stated his worry that a CBDC might breed corruption, turning money into a weapon of coercion and power. 

He urged prompt congressional action to outright outlaw CBDCs to counter this perceived threat. He also called for punishing any initiatives made to create, construct, develop, test, or establish a CBDC.

The Representative provided a screenshot of an Indeed job posting from the Federal Reserve Bank of San Francisco to support his claims. The ad confirmed Davidson’s worries and highlighted his urgency in taking precautionary measures by revealing the bank’s intention to engage a senior crypto architect to work on creating a CBDC.

The congressman’s previous efforts against CBDCs

This is not the first time the congressman has voiced his concerns over CBDCs. According to a press release from March 21, Warren Davidson wrote a letter to his House colleagues urging them to prevent governmental efforts to promote CBDCs. 

In the letter, he expressed worries that CBDCs will eliminate the privacy and freedom associated with cash transactions, resulting in a centralized currency similar to China’s model and enhancing governmental control over people’s life. 

Davidson also encouraged his colleagues in the legislature to communicate with their state counterparts to prevent the normalization of CBDCs. 

As the events unfold, it remains to be seen how Congress will respond to Warren Davidson’s latest call for action and what implications it might have for the future of CBDCs and the broader cryptocurrency space.