US congressman proposes bill aimed at limiting the Fed’s ability to issue CBDCs. According to Tom Emmer, the Fed’s request for users to open accounts to access the benefits of the digital dollar would put it on a “sneaky path similar to China’s digital authoritarianism.” Details about the crypto money bill are on Kriptokoin.com .
Cryptocurrency bill introduced
Minnesota Representative Tom Emmer states that the Federal Reserve has a potential digital dollar announced that it will introduce a bill aimed at preventing it from acting as a retail bank on its issuance. Emmer said the bill would prohibit the Fed from issuing a central bank digital currency, or CBDC, directly to US consumers. According to the Minnesota representative, the government agency’s request for users to open accounts to access the benefits of the digital dollar “will put the Fed on a sneaky path similar to China’s digital authoritarianism.” Emmer said:
The Fed does not and should not have the authority to offer individual bank accounts. Regardless, any Fed-enforced CBDC must be open, permissionless, and private. This means that any digital dollar must be accessible to everyone, transact on a blockchain that is transparent to everyone, and protect the privacy elements of cash.
According to Emmer, the digital dollar should aim to protect financial privacy, maintain the dominance of the country’s fiat currency, and encourage innovation. The bill’s introduction comes just a day after Jerome Powell said the Fed would release its report on CBDCs in the coming weeks, after several delays. In a confirmation session before the Senate Banking Committee, the Fed chair, Senator Pat Toomey, also responded positively to a questioning of the Federal Reserve’s ability to act as a sole proprietorship bank. He and other lawmakers also questioned the Securities and Exchange Commission’s decision not to approve a Bitcoin (BTC) fund.