US Lawmaker: Americans Don't Need CBDC That Can Track Purchases Like China's Digital Yuan
Multiple U.S. lawmakers have warned against the issuance of a central bank digital currency (CBDC) by the
Federal Reserve. Congressman French Hill (R-AR), chairman of Congress’ Digital Assets Subcommittee, wrote on social media platform X on Wednesday:
Americans have a right to financial privacy. We do not need a
CBDC that can track your purchases like China does with their digital yuan.
“The authority rests with Congress, not unelected bureaucrats, to create and implement a CBDC. And that’s non-partisan,” the lawmaker stressed.
The congressman has been a vocal critic of the Federal Reserve potentially issuing a CBDC.
“I understand why Americans are concerned about CBDCs and the potential for a Big-Brother-like surveillance state. I share these concerns. It is a priority of mine to make sure the federal government cannot and does not proceed with issuing a CBDC without Congressional approval,” Hill stated in October last year.
The lawmaker introduced HR 3506, the 21st Century Dollar Act, in
2021 “to make sure U.S. government has a strategy to maintain the dollar as the primary global reserve currency, with or without a CBDC,” he previously detailed on X, formerly Twitter.
Several other lawmakers have similarly warned about the risks of the Fed issuing a central bank digital currency. Congressman Patrick McHenry (R-NC) tweeted in May last year:
“The Federal Reserve can’t move forward with a CBDC without authorizing legislation from Congress. Before taking action, Congress must work to understand the risks a CBDC could pose to privacy, private sector innovation, and American consumers.”
Rep. Warren Davidson (R-OH) stated on Aug. 25:
“CBDC is to sound money what dictatorship is to freedom. The existence of x precludes y. Coincidentally, if you wanted to establish or enforce a dictatorship, CBDC would be the one ring to rule them all.”
