Davidson warned that CBDC could transform money into a tool for coercion and control. The Federal Reserve has been giving CBDC serious consideration.
Republican Rep. Warren Davidson urges Congress to outlaw CBDCs and deem their development illegal. In a tweet on July 23, he likened the Federal Reserve’s efforts to “building the financial equivalent of the Death Star,” asserting that CBDCs transform money into a tool of coercion and control.
Davidson insists on an immediate congressional ban and criminalization of all attempts to design, build, develop, test, or establish CBDCs (Central Bank Digital Currencies).
CBDC Consideration & Presidential Election: The Federal Reserve is seriously considering CBDC, and its potential for a digital U.S. dollar sparks debate in the upcoming presidential election.
French National Bank’s wCBDC Success: Based on crypto technology, the French National Bank’s wCBDC testing shows significant enhancements in cross-border payments, settlement finality, and financial instrument security.
Banque de France’s wCBDC Experimentation:
In March 2020, Banque de France launched its wCBDC experimentation program, conducting twelve tests, including a second round by mid-2022. Trials included participation from BIS Innovation Hub, Monetary Authority of Singapore, and Swiss National Bank.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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