CBDCs (Central Bank Digital Currencies) are highly being criticized in the United States. They are finding CBDCs as a threat to the economy as they have reservations about CBDCs to replace US dollars. US lawmakers have been in continuous negotiations in this regard and trying their level best to prevent that from happening.
House Financial Services Committee of the United States has been tracking the CBDCs and aims to reconsider the CBDC’s regulation. Moreover, the representative announced on Friday that US senators will sit to discuss the bill on the 20th of September 2023. US legislators are aiming to prevent the issuance of CBDCs (Central Bank Digital Currencies) and they are going to discuss the strategies on coming Wednesday.
Session to Be Conducted on Sept.20
Patrick McHenry, the Chairman of the Committee disclosed the markup, the session to be conducted on 20th of September 2023. He added that the session will examine the proposed bill and discuss the possible ways to prevent CBDC issuance. As the Digital Dollar Pilot Test is the ongoing agenda in the US so committee will discuss the bill to stop this project.
#NEW: Chairman @PatrickMcHenry announces a markup of legislation to strengthen American national security and prevent the issuance of a central bank digital currency.— Financial Services GOP (@FinancialCmte) September 16, 2023
📖 Read more 🔗https://t.co/oy3oASJYkA
The bill was primarily introduced by US Congressman, Alex Mooney who is an anti-CBDC and presented the bill on the 26th of May 2023. Congressman fears that CBDC might replace the dollar or devalue. Since then, US legislators have been trying to suppress digital assets and working to ban the CBDC project.
Objectives of the Bill and Session
As CBDCs are considered to be a threat to the US dollar so Federal Reserve would be forbidden from issuing CBDCs. Federal Reserve responded to that inquiry that till now CBDC is not issued and won’t be issued until legal authorization is given. On sept. 20 US legislators will discuss the bill in detail that is entirely aimed at the issuance and regulation of CBDCs.
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