Republican United States Representative Warren Davidson has spoken out against central bank digital currencies (CBDCs), urging Congress to ban them and criminalize their development.
In a July 23 Twitter post, Congressman Davidson accused the Federal Reserve of "building the financial equivalent of the Death Star," claiming that CBDCs corrupt money into a tool of coercion and control, adding:
โCongress should quickly ban and then criminalize any effort to design, build, develop, test, or establish a CBDC.โ
Davidson's comments came in response to a advertised position by the Federal Reserve Bank of San Francisco for a "senior crypto architect" to work on a CBDC project.
The Federal Reserve is building the financial equivalent of the Death Star.
Central Bank Digital Currency (CBDC) corrupts money and turns it into a tool of coercion and control.
Congress should quickly ban and then criminalize any effort to design, build, develop, test, or establish a #CBDC. pic.twitter.com/9JWiyj5H2f
โWarren Davidson (@WarrenDavidson) July 23, 2023
In response to a comment from a Twitter user, Davidson argued that money should be a stable store of value and should not be programmable by a central authority.
โSound money should facilitate permissionless peer-to-peer transactions,โ he added.
The Federal Reserve has been actively investigating the technology for a possible digital dollar, but has not made any decisions on whether to issue one. The possibility of a digital version of the US dollar has generated controversy in the country and is expected to be a key talking point in the upcoming presidential election.
Congressman Davidson is also not alone in his concerns about a potential Federal Reserve-controlled digital dollar.
On July 14, United States presidential candidate and Florida Governor Ron DeSantis saying he would "reject any central bank digital currency" if he became president. In May, DeSantis signed a bill restrict the use of CBDC in the state.
Related: IMF CBDC Push Gets Feedback From Crypto Community: 'Nobody Wants This'
Republican Tom Emmer has also voiced his warnings about state-controlled digital money. In March, the libertarian think tank saying a programmable CBDC would be "easily weaponized" as an espionage tool to "strangle politically unpopular activities."
emmer inserted the State Anti-CBDC Surveillance Law in February to "stop the efforts of unelected bureaucrats in Washington, DC to strip Americans of their right to financial privacy." The bill was endorsed by Texas Senator Ted Cruz, who inserted his own CBDC lockdown bill in March.
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