Thursday, September 21, 2023

US Lawmakers Explore The Rollout Of A Digital Dollar

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US lawmakers explore the rollout of the digital dollar as the Connecticut House of Representatives member Jim Himes released a new proposal aiming to start the dialogue on the US for launching a CBDC so let’s read more about it in today’s latest cryptocurrency news.

Jim Himes noted:

“It is now time for Congress to begin the process of considering and ultimately passing authorizing legislation for the issuance of a U.S. CBDC.”

Himes urged Congress to start exploring the rollout of the digital dollar issued by the Federal Reserve and prevent the government from dropping behind in innovations in financial technology. As per the US Lawmakers, the CBDC should not be thought of as replacing legacy payments systems but as an additional alternative for consumers and crypto businesses. The white paper laid out a proposal where a CBDC will present concerns over transparency, privacy, and security compared with fiat currency as US lawmakers explore the launch of one.

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Himes added that regulatory frameworks on CBDCs enabled by Congress should include a stronger user identification process which requires intermediaries to clarify the identity of wallet holders with the FED participating in commercial entities in establishing guidance. Himes added:

“The longer the United States government waits to embrace this innovation, the further we fall behind both foreign governments and the private sector. It is time for Congress to consider and move forward with legislation that would authorize a U.S. CBDC.”

Different departments and agencies in the US government explored the effects of a digital dollar in the event officials decide to launch one. The FED released a report concluding that monetary policy implementation from the retail CBDCs is dependent on the initial conditions of the FED Balance sheet. Among lawmakers in the US, Himes often pushed for congressional action on crypto in regards to the tech being used to check Russia’s potential to bypass sanctions and even introduced a section of a bill that was most criticized as giving the Treasury Secretary power over crypto transactions.

Minnesota Representative Tom Emmer introduced a new bill aiming at preventing the FED from acting as a retail bank in the issuance of the digital dollar and suggests lawmakers haven’t yet reached a consensus on launching a CBDC.

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