Legislative efforts gain momentum in the US to stop the digital dollar.
A battle is brewing in Congress over the idea of a central bank digital currency, or CBDC, in the United States. This week, the House Financial Services Committee will take up legislation aimed at slamming the brakes on any potential digital dollar from the Federal Reserve.
The committee plans to mark up two bills related to CBDCs when they meet on Tuesday. One is the Digital Dollar Pilot Prevention Act, or H.R. 3712, which would require the Fed to get Congressional approval before even testing out such a currency. The other seeks to prohibit Fed banks from offering products directly to individuals. It would also ban the use of digital dollars for monetary policy purposes.
Reactions to the digital dollar concept have been mixed across the political landscape. Some major presidential contenders like Robert F. Kennedy Jr. and Ron DeSantis have spoken against it. Others have sounded alarms about privacy and the potential for government overreach.
Even so, the Federal Reserve Bank of San Francisco has been actively hiring technical experts to work on a digital currency project. This indicates continued serious interest in the idea within the Fed itself.
This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators. This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice. The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap. CoinMarketCap is not responsible for the success or authenticity of any project, we aim to act as a neutral informational resource for end-users.
