U.S. Congressman Warren Davidson has railed against central bank digital currencies (CBDC), stating that enacting a ban on these instruments is “essential” for the future of the fintech industry in America. Davidson explained that many people wrongly conflate cryptocurrencies with CBDC when these are two different concepts.
Congressman Warren Davidson: ‘CBDC Is Evil’
Congressman Warren Davidson has warned about the dangers that issuing a central bank digital currency (CBDC) represents for the financial technology industry in America. Davidson vocally criticized the use of these tools, reaffirming his opposition to CBDC by stating on social media that:
At least most agree that CBDC is evil – the financial equivalent of the Death Star. Don’t become an accomplice to anyone designing, building, testing, developing, or establishing CBDC.
Davidson, part of the House Financial Services Committee, emphasized that many people wrongly conflated the concept of CBDC with Bitcoin and that banning the existence of a CBDC in America would be “essential” to America’s fintech future.
Davidson’s opposition to CBDC is not new, as the representative has railed against the concept before, stating that “central bank digital currency (CBDC) corrupts money into a tool for coercion & control,” explaining that there was no way of implementing CBDCs in America without legislation.
People, Not Tokens
The congressman noted that the tech behind these tools was not the problem, as he pinned responsibility on the human resource behind CBDC projects. Davidson stated:
Tokenized assets are not the problem. It’s the people. Entities (including the Federal Reserve, Ripple, Consensys) and influencers are actively working on CBDC projects.
Davison concluded by announcing that he was working on passing a regulation that would “criminalize designing, building, testing, developing, or establishing a central bank digital currency.”
While the Federal Reserve is now openly considering a digital dollar as “a means to expand safe payment options, not to reduce or replace them,” it recognizes that it has taken “no decision on issuing a central bank digital currency (CBDC) and would only proceed with the issuance of a CBDC with an authorizing law.”
Several bills have been introduced to stop the hypothetical issuance of a digital dollar. In February, Representative Tom Emmer introduced the CBDC Anti-Surveillance State Act to “halt efforts of unelected bureaucrats in Washington, D.C. from issuing a central bank digital currency (CBDC) that strips Americans of their right to financial privacy.”
Also, in March, Senator Ted Cruz introduced a bill to stop the Federal Reserve from developing a CBDC.
What do you think about Warren Davidson’s thoughts on CBDC? Tell us in the comments section below.
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