Central bank digital currencies (Central Bank, Digital Currency (CBDC)) are a threat to liberty.
Sixty-eight countries, including communist China, are exploring the possibility of issuing a Central Bank, Digital Currency (CBDC). Central Bank, Digital Currency (CBDC)s are essentially government-sponsored cryptocurrencies pegged to the value of a national currency that allow for real-time payments.
The European Union has a digital euro Central Bank, Digital Currency (CBDC) pilot program, and all BRICS nations (Brazil, Russia, India, China and South Africa) are working to stand up Central Bank, Digital Currency (CBDC)s. China’s Central Bank, Digital Currency (CBDC) pilot, the largest in the world, is being used by 260 million individuals.
While faster payments are a positive for markets and economic growth, Central Bank, Digital Currency (CBDC)s present major risks. They would allow governments to meticulously monitor transactions made by their citizens, and Central Bank, Digital Currency (CBDC)s open the door for government planners to limit the types of transactions made.
Power corrupts, and no government should have that level of control. No wonder China and other authoritarian regimes around the globe are eager to implement a Central Bank, Digital Currency (CBDC).
Governments that issue Central Bank, Digital Currency (CBDC)s could prohibit the sale or purchase of certain goods or services and more easily freeze and seize assets. But that would never happen in the U.S, right? Don’t be so certain.
Take a look at recent events in our neighbor to the north. The government of Canada shut down bank accounts and froze assets of Canadian citizens protesting the COVID-19 vaccination in Ottawa during the winter of 2022. With a Central Bank, Digital Currency (CBDC), authoritarian actions of this kind would be even easier to execute.
To make matters worse, the issuance of a Central Bank, Digital Currency (CBDC) by the Federal Reserve, the U.S.’s central bank, has the potential to undermine the existing banking system. The exact ramifications of what a Central Bank, Digital Currency (CBDC) would mean to the banking sector are unclear, but such a development could position the Fed to offer banking services directly to American businesses and citizens, undercutting the community banks, credit unions, and other financial institutions that currently serve main street effectively.
The Fed needs to stay out of the banking business – it’s having a hard enough time achieving its core mission of getting inflation under control. A Central Bank, Digital Currency (CBDC) would open the door for the Fed to compete with the private sector, undercutting economic growth, innovation, and financial access in the process.
Fed Chair Jerome Powell has testified before Congress that America’s central bank would not issue a Central Bank, Digital Currency (CBDC) without express approval from Congress, but the Fed has studied Central Bank, Digital Currency (CBDC)s extensively.
For consumers who want the ability to make real-time payments internationally, Central Bank, Digital Currency (CBDC)s are not the answer. Stablecoins offer a commonsense private sector solution to this market demand.
Stablecoins are a type of cryptocurrency pegged to the value of a certain asset, such as the U.S. dollar. If Congress gets its act together and creates a regulatory framework for stablecoins, many banks, cryptocurrency firms, and other innovative private sector entities would issue dollar-pegged stablecoins. These financial instruments would allow for instantaneous cross-border payments for market participants who find that service of value.
Stablecoins are the free market response to Central Bank, Digital Currency (CBDC)s. They offer the benefits associated with the technology without the privacy risk, and they would likely enhance, not disrupt, the existing banking sector.
Representatives Patrick McHenry (R-N.C.) and French Hill (R-Ark.) have done yeoman’s work advancing quality, commonsense stablecoin legislation in the House of Representatives, and the Senate needs to move forward on this issue.
Inaction by Congress will force innovators overseas and put the U.S. at a competitive disadvantage. It would also help the Fed boost the case for a Central Bank, Digital Currency (CBDC) that will undermine liberty and open the door to government oppression.
Tommy Tuberville is a Republican from Alabama serving in the United States Senate. He is a member of the Senate Agriculture Committee, which plays a key role in overseeing emerging digital assets markets.
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