The US Congressman Wants to Limit the powers of the FRS regarding the CBDC

Congressman Tom Emmer proposed amending the Federal Reserve Act to prevent the Federal Reserve from offering central bank digital currency (CBDC) directly to individuals.

According to Emmer, the Federal Reserve Bank cannot directly offer products and services to an individual, maintain an account on behalf of an individual, or issue CBDCs directly to an individual, except as specifically provided by law.

And if the FRS requires US citizens to open accounts in order to access digital currency, then the regulator will be “on a slippery slope like Chinese authoritarianism.”

“Any CBDC implemented by the Fed must be open, permissionless, and private. This means that any digital dollar must be accessible to all, transact on a blockchain that is transparent to all, and maintain the privacy elements of cash,” Emmett wrote.

He also stated that there is a huge risk of using the personal data of Americans for mass surveillance and there are problems with information security. In addition, no agency has and should not have such powers.

Recall that the US Congress considered the rules for regulating the cryptocurrency sector in mid-December last year.

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