US Lawmaker Tries Again: CBDC Bill After Trump’s Ban
Guess what? A lawmaker in the U.S. is trying to stop the creation of a digital dollar, again! This time, it’s after President Trump said ‘no’ to a digital dollar. Let’s find out what’s happening and why it matters.
What’s a CBDC?
A CBDC, or Central Bank Digital Currency, is like digital money issued by the country’s bank. Some countries are already using it or planning to. But in the U.S., not everyone is on board.
Why the Fuss?
Some people worry that a CBDC could let the government watch what we buy and sell, which might not be good for our privacy. That’s why Representative Tom Emmer wants to stop it.
Emmer’s Plan: The CBDC Anti-Surveillance State Act
Rep. Emmer wants to change a law called the Federal Reserve Act. He wants to add a new rule that stops federal banks from making a digital dollar. He’s not alone; many other lawmakers support him.
President Trump’s Say: No CBDCs!
President Trump also said he doesn’t want a digital dollar. He made a rule that stops federal agencies from trying to create one. He thinks private digital money, like stablecoins, is better.
What’s Happening Elsewhere?
While the U.S. is saying ‘no’ to CBDCs, other countries are saying ‘yes’. Israel and some European countries are working on their own digital money. They think it could help with paying for things between countries.
So, No CBDCs for the U.S.?
It looks like the U.S. might not have a digital dollar anytime soon. But who knows? The debate is still going on, and it’s important because it could change how we use money in the future.
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Sources:
– Cointelegraph
– Centre for e-Governance
– Payments Dive
– Ethio Diaspora Hub
– Binance