As criticism grows over a digital dollar, Republicans push for an anti-CBDC bill, which industry leaders projected to disrupt bipartisan support for a much-anticipated stablecoin bill.
U.S. Fed Chair Jerome Powell insists he's not plotting to unleash a CBDC, while a new study says concerns about BTC and other digital currency tokens ever serving as global currency are overblown.
A document prepared by the Federal Reserve for presentation to Congress reveals that a CBDC is one of the key duties it’s probing, alongside FedNow and wholesale payments.
Republicans are sounding the alarm over the U.S. Federal Reserve’s CBDC plans, while ‘crypto’ voters prefer CBDC-opponent Donald Trump rather than Joe Biden for president.
The five senators, led by Senator Ted Cruz, claim that a digital dollar is the Biden administration’s attempt to illegally surveil citizens’ spending habits.
South Dakota’s state Senate passed the bill recently, barring a digital dollar from being defined as money in its UCC, a move whose impact experts are still debating.
Federal Reserve Governor Michelle Bowman has doubts about CBDCs, stating that “the potential uses of a U.S. CBDC remain unclear and, at the same time, could introduce significant risks and tradeoffs.”
Banque de France says cross-border payments must be at the heart of CBDC development while touting blockchain tokenization as the future of asset management.
The U.S. House Financial Services Committee has approved the CBDC Anti-Surveillance State Act, which will now be put before the House of Representatives.
While there is a growing list of nations exploring and launching their CBDCs, the U.S. remains negative about creating its own, with officials citing risks to privacy, freedom, and cybersecurity.
The Digital Dollar Project announced in a press release that it had completed a pilot study focusing on retail CBDCs, using a digital dollar in remittance payments to the Philippines.
The successful applicant will be in charge of creating "novel systems" around CBDCs, launching working prototypes of the system, and identifying risks associated with launching CBDCs.
