Federal Reserve’s CBDC efforts likened to ‘financial Death Star’ by U.S. lawmaker
US Congressman Warren Davidson has asked Congress to criminalize the Federal Reserve’s attempt to build a central bank digital currency (CBDC), according to reports on July 23. Tweet.
The Fed lists CBDC-related jobs.
Davidson said in light of a recent job listing at the San Francisco Fed calling for a senior crypto architect to work on CBDC.
of job description It stated that the Federal Reserve is looking for an engineer who will “research and develop a central bank digital currency (CBDC).”
The expert will work to “ensure that the Federal Reserve is well positioned to design, develop, and deploy technology to support CBDCs as required by the Board.”
Although the job listing shows the Federal Reserve working exclusively on CBDC research, Rep. Davidson believed this was a sign of what was to come, describing it as “the financial equivalent of the Death Star.”
“Congress must immediately ban and criminalize any effort to design, build, develop, test or establish a CBDC,” he said.
Davidson added that a CBDC would turn money into an instrument of coercion and control.
Congress is divided on CBDC
Davidson’s view echoes that of several other lawmakers, including vocal opponents of the CBDC, Sen. Ted Cruz and Rep. Tom Emer. Cryptocurrencies and CBDCs are bipartisan in Congress, with most Republican politicians opposing the introduction of a digital dollar.
Since the beginning of the year, several lawmakers have introduced legislation that would prevent the government from testing CBDCs and introducing them to Americans.
Additionally, several U.S. states, such as Florida and North Carolina, have passed laws banning the introduction of digital dollars or prohibiting the issuance of digital dollars within their jurisdictions.
Democratic Senator Elizabeth Warren, meanwhile, backs CBDC, arguing it could help solve problems in the banking industry. This is consistent with a recent Bank for International Settlements report that said digital assets could help improve financial inclusion and payment efficiency.
Meanwhile, the Federal Reserve remains undecided about creating a digital currency.agency website situation:
“No decisions have been made regarding the issuance of a central bank digital currency (CBDC), and we will only proceed with the issuance of CBDCs based on the authorization law.”
The post-Federal Reserve CBDC initiative, touted by US lawmakers as a “financial death star,” first appeared on CryptoSlate.
