News - Will there be a CBDC ban in the US?

By Mike Hesp

Will there be a CBDC ban in the US?

CBDCs are controversial. In the US, they could soon be banned altogether. Members of Parliament are debating the issue Wednesday.

In the U.S., the issue of CBDC's. As the House of Representatives Finance Committee announced last Friday, the committee will discuss a possible ban on digital central bank currency on Wednesday, Sept. 20.

Specifically, it involves a bill from May of this year. This is designed to prevent the U.S. central bank, the Federal Reserve, from issuing a CBDC.

The talks are expected to produce a bill "that strengthens U.S. national security and seeks to prevent the issuance of a central bank digital currency," according to the Finance Committee memo.

Opposition to CBDCs is heating up, especially among Republicans. Congreslid Warren Davidson spoke, for example, of a "financial equivalent of a Death Star."

The Federal Reserve, on the other hand, insists that the issuance of a national, digital central bank currency would only happen through a legislative mandate. With the recently launched "FedNow" platform, some criticize a CBDC introduction through the back door.

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