Why did the US House of Representatives pass a law banning Fed CBDCs?

Minnesota 6th District Congressman Tom Emmer called for a Central Bank Digital Currency Bill (CBDC) that would ban the Federal Reserve from issuing digital assets. ~

Officials have argued that CBDCs may pose a greater than good risk to the American population. On this basis, he said, China's digital profits "ignore the value and protection of cash." ~

China has been building CBDCs for many years and continues to do so, keeping in mind the potential for major announcements at the 2022 Beijing Winter Olympics. Tom Emmer thinks this move is good for the Chinese payments system, but in a way that undermines human freedom. ~

The digital yuan is transparent and prone to censorship, and it allows the government to monitor all finances. As a result, U.S. government officials questioned the Chinese CBDC and issued several statements.

Tom Emmer said: “It is far more important than ever to ensure that America's digital financial policy protects public financial privacy, governing the management of digital finance. The US dollar and support for innovation. The Fed has become a retail bank, collecting personal data. consumer data and tracking changes on an ongoing basis. "

This undermines the financial strength of failure and opens the door to public administration. Leaders also believe that CBDCs could become surveillance tools, giving the US government more power to monitor its population. ~

"Allowing users to open an account with the Fed to access CBDCs in the United States would put the Fed in a position to monitor the entire population," added Emma.

Emmer called on the CBDCs to leave the United States "public, free and private." The leaders-turned-members of Congress involved in the administration of Crypto have taken a very different approach to CBDCs and other digital assets. ~

The United States and the Federal Reserve are asking them to work on the CBDC. Fed Chairman Jerome Powell has acknowledged that America's payments system could be more profitable if digital devices are integrated. ~

However, the United States has yet to announce its intention to design, build or develop CBDCs in the future. Some government leaders, including Emma, ​​believe the United States needs to be reformed to regulate their rights as a fundamental benefit. ~

“In order to control the value of the dollar as the world saves in the digital age,” said Emma, ​​“the United States must take a key attitude towards innovation. updated beyond competition by the private sector. Behaviour.