Lawmakers in the United States have introduced a bill that aims to ban the Federal Reserve from issuing a central bank digital currency (CBDC).
The legislation, known as the Mint Power Act, was sponsored by Republican French Hill of Arkansas and Democrat Jake Auchincloss of Massachusetts. This bipartisan initiative marks the first attempt to prevent the introduction of a digital dollar.
Hill emphasized the importance of financial privacy for Americans and expressed his support for defending civil liberties and preserving the dollar’s status as the world’s reserve currency.
He stated that the bill is not driven by any particular party’s interests but is instead designed to safeguard the United States from potential government abuse.
This move comes after Texas senators introduced a similar bill prohibiting the use of a digital dollar within the state. Furthermore, Florida has already enacted legislation against a CBDC, which was signed by Governor Ron DeSantis.
The governor believes that this law will protect residents from perceived attempts by the Biden administration to exploit the financial sector for political purposes.
Criticism of CBDCs has been voiced by various figures. In April, Robert Francis Kennedy Jr., nephew of former President John F. Kennedy, raised concerns about these digital assets, labeling them as tools for extensive social monitoring and control.
Renowned author and entrepreneur Robert Kiyosaki, known for his bestselling book “Rich Dad Poor Dad,” drew parallels between the central bank digital currency and the surveillance state depicted in George Orwell’s novel “1984.” He urged individuals to consider investing in the first cryptocurrency, likely referring to Bitcoin.
The proposed bill highlights the ongoing debates surrounding the introduction of CBDCs and reflects the growing interest and concern about the potential implications of digital currencies on financial privacy and personal freedoms.