The United States House of Representatives has passed a bill prohibiting the Federal Reserve from developing a Central Bank Digital Currency (CBDC). This development comes amidst a broader conversation about the future of digital currencies and the role of government in their regulation and creation.
The bill, which was passed with a bipartisan vote, aims to prevent the Federal Reserve from issuing a CBDC directly to individuals or maintaining accounts on behalf of individuals. It also prohibits the Secretary of the Treasury from directing the Board of Governors of the Federal Reserve System to issue a CBDC.
The legislation was introduced by Majority Whip Tom Emmer (MN-06) and boasts the support of 60 Members of Congress. Supporters of the bill argue that a CBDC could be used as a surveillance tool by the government, undermining the privacy and freedom of American citizens.
Critics of the bill, however, argue that it could stifle innovation and put the US at a disadvantage in the global race to develop digital currencies. They point out that many other countries are already researching or implementing CBDCs, and a US ban could isolate the country from these developments.
The bill's passage is a significant step in the ongoing debate about the future of digital currencies. It remains to be seen whether the Senate will pass a similar bill, and what the long-term implications of this legislation will be for the US economy and its position in the global financial landscape.
In the meantime, the Federal Reserve has stated that it is only in the research phase of a potential CBDC and has not made any decisions about issuing one. The debate over CBDCs in the US is far from over, and the outcome of this bill will likely have a significant impact on the future of digital currencies in the country.
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