U.S. Representative Warren Davidson claims CBDCs "corrupt money into a tool for coercion and control," he also called them the "financial equivalent of the Death Star."
The U.S. Federal Reserve says the 57 firms will be ready to send and receive payments on FedNow upon launch and are currently completing final trial runs.
NAFCU argued that regulatory guidelines for a digital dollar could only be achieved in consultation with Congress and stakeholders, including banks and credit unions.
The report by Cato Institute and YouGov disclosed that 16% of respondents supported the digital dollar, nearly 34% of American citizens opposed the CBDC, while the remaining 50% were undecided.
While a digital dollar “is not needed at this time,” the Bank of Canada wants to be ready as it fears digital currencies could threaten monetary sovereignty.
The new bill by Republican lawmakers argues that an attempt to introduce CBDCs aims at “surveilling Americans and controlling behavior of Americans.”
Ron DeSantis, who holds sway in the Republican party, says that a central bank-backed digital currency is U.S. President Joe Biden’s attempt at surveillance and control, adding it won’t be used in Florida.
FedNow gives users an instant 24/7 settlement service—part of the key appeal of a CBDC—and is fully endorsed by the Fed and commercial banks, unlike a CBDC.
Christopher Giancarlo, who served as the 13th chair of the Commodity Futures Trading Commission, has called for accelerated digital dollar efforts but warned against using it to surveil users or levy fines.
Governor Kristi Noem vetoed HB 1193, a bill that excludes digital currencies like BSV from being termed money but included the yet-to-launch digital dollar.
Bank of Canada claims that an offline central bank digital currency will allow users to transfer digital Canadian dollars without internet, but certain factors must be considered first.
The U.S. central bank digital currency—also known as the digital dollar—is not going to be a new kind of money, but just a new kind of currency.
