US House of Representatives Supports Bill Against CBDC
๐บ๐ธ The US House of Representatives has passed a bill prohibiting the Federal Reserve (Fed) from issuing Central Bank Digital Currency (CBDC) without congressional approval, as announced by House Republican Leader Tom Emmer.
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๐ The bill was passed with 216 votes in favor and 192 against.
๐ According to the bill, the government can issue a CBDC "only with the permission of Congress." Emmer emphasized that the digital dollar should not be used like e-CNY and must be open and not a surveillance tool.
โThe Fed is prohibited from using CBDC for implementing monetary policy and economic control.
โ๏ธ Since 2021, Emmer has advocated for the digital dollar design to exclude the possibility of financial oversight over citizens.