A new bill introduced in the Senate, highlighted by The Daily Signal, aims to protect the U.S. dollar from becoming a surveillance tool of the federal government amidst rising concerns over central bank digital currencies (CBDCs). This legislative move comes against a backdrop of increasing scrutiny over CBDCs, with a 2022 Cato Institute study revealing that 67% of Americans hold a negative sentiment towards CBDCs, viewing them as a potential means for excessive government surveillance. The Biden administration's stance appears to be in favor of CBDCs, a position that contrasts with former President Trump's opposition. The number of countries exploring CBDCs has surged from 35 in 2020 to 134 today, according to the Atlantic Council, indicating a global trend towards digital currencies. However, the GOP Majority Whip has stated that a government tool for financial surveillance will not be established as long as House Republicans hold the majority, highlighting the political divide on the issue. Durham Prof. Kevin Dowd and @EconWithNick comments, shared via @CatoPodcast, further underscore the contentious debate surrounding CBDCs.
The Biden administration sees it as their "key duty" to abandon our core American values and create a surveillance-style CBDC. Let me be clear: A government tool for financial surveillance will NOT happen so long as House Republicans are in the majority. https://t.co/0Pu1FQf28s
President Biden supports and former President Trump opposes a central bank digital currency. Meanwhile, states are now figuring out how to deal with this new money in their laws. @EconWithNick comments: https://t.co/xS9xJMELTJ #CatoEcon @CatoPodcast https://t.co/CLZ4vhJIdo
According to the @AtlanticCouncil, the number of countries exploring CENTRAL BANK DIGITAL CURRENCIES (CBDCs) has exploded from 35 in 2020 to 134 today. I'm on the same page as my good friend & Durham Prof. Kevin Dowd: CBDCs = BIG BROTHER'S PRYING EYES = BAD.
A 2022 @CatoInstitute study found that 67% of Americans held a negative sentiment towards the idea of CENTRAL BANK DIGITAL CURRENCIES (CBDCs). CBDCs = BIG BROTHER'S PRYING EYES = BAD. https://t.co/jZuzC5HITD
If it’s true that the Biden administration now recognizes that the risks of central bank digital currencies (CBDCs) outweigh any purported benefits, it should speak out sooner rather than later. https://t.co/kaawOfaGbg #CatoEcon https://t.co/mezYuax8px
PROTECT OUR PROSPERITY AND FREEDOM FROM THIS DIGITAL CURRENCY (The Daily Signal) If you’re a fan of the U.S. dollar, you can keep it from turning into a surveillance tool of the federal government—at least according to a new bill introduced in the Senate. A few days ago, Sen.… https://t.co/vGD385MJle