US House of Representatives Supports Bill Against CBDC

๐Ÿ‡บ๐Ÿ‡ธ 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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๐Ÿ—ž The bill was passed with 216 votes in favor and 192 against.

๐Ÿ‘€ 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.

โœ‹The Fed is prohibited from using CBDC for implementing monetary policy and economic control.

โœ”๏ธ Since 2021, Emmer has advocated for the digital dollar design to exclude the possibility of financial oversight over citizens.