US Congressman Introduces Bill Prohibiting Fed From Opening Retail Accounts for its CBDC
US Proposes to Prohibit the Fed From Opening Retail Accounts for its CBDC
Main page News, US, Cryptocurrency
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13 January

Congressman Tom Emmer has introduced a bill prohibiting the Fed from offering a central bank digital currency (CBDC) directly to individuals.

In particular, Emmer has proposed amendments to the Federal Reserve Act:

"Except as specifically authorized under this Act, a Federal Reserve Bank may not offer products or services to an individual, maintain an account on behalf of an individual, or issue a CBDC directly to an individual."

According to the congressman, by requiring citizens to open accounts at the Fed to access digital currency, the regulator "will be on an insidious path akin to China’s digital authoritarianism."

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He has pointed out:

"Any CBDC implemented by the Fed must be open, permissionless, and private. This means that any digital dollar must be accessible to all, transact on a blockchain that is transparent to all, and maintain the privacy elements of cash."

Emmer has also pointed out the risk of using personal data of Americans for mass surveillance, problems with information security, as well as the fact that the agency "does not and should not have" such powers.

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