{"id":439507,"date":"2023-09-15T06:15:29","date_gmt":"2023-09-15T06:15:29","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=439507"},"modified":"2023-09-15T06:16:08","modified_gmt":"2023-09-15T06:16:08","slug":"gop-lawmakers-push-to-halt-central-bank-digital-currency-initiatives","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/gop-lawmakers-push-to-halt-central-bank-digital-currency-initiatives","title":{"rendered":"GOP Lawmakers Push to Halt Central Bank Digital Currency Initiatives"},"content":{"rendered":"

The possibility of a Central Bank Digital Currency (CBDC) becoming a reality in the United States has generated a renewed debate in Congress. Republican lawmakers have specifically taken steps to curb the development of a CBDC<\/a>, arguing that it poses various risks to the country’s financial system and even its democracy. The House Financial Services Committee recently zeroed in on three bills aimed at preventing the Federal Reserve from issuing a digital currency without Congressional approval. All these bills have been proposed by Republicans.<\/p>\n

Rep. French Hill, who heads the subcommittee on digital assets under the House Financial Services Committee, initiated the discussion by outright rejecting the idea of a CBDC. “I want to make it crystal clear: there’s no appetite for a CBDC in Congress,” Hill commented.<\/p>\n

A poorly structured monetary system could pose the single biggest existential threat to Western civilization<\/p><\/blockquote>\n

Some Republicans have gone so far as to liken the creation of a CBDC to a pathway toward authoritarianism similar to China’s approach. Rep. Warren Davidson, a Republican from Ohio and a strong advocate for cryptocurrencies<\/a>, had particularly harsh words. “A poorly structured monetary system could pose the single biggest existential threat to Western civilization,” he opined. Davidson then drew parallels to the infamous ring in the “Lord of the Rings” series, stating, “In my perspective, we should throw it into the fire and annihilate it.”<\/p>\n

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There is absolutely no support for a #CBDC<\/a> in Congress, except from those who think somehow a CBDC might be an amazing solution to many unstated global problems.@FinancialCmte<\/a> pic.twitter.com\/RpnVxNZHu4<\/a><\/p>\n

— French Hill (@RepFrenchHill) September 14, 2023<\/a><\/p><\/blockquote>\n