Bill Introduced To Ban Fed From Issuing CBDC

[BADecker]

If this bill would only be adopted, Bitcoin could remain king for who knows how long yet.


Bill Introduced To Ban Fed From Issuing CBDC


https://www.technocracy.news/bill-introduced-to-ban-fed-from-issuing-cbdc/
"Today, I introduced the CBDC Anti-Surveillance State Act to halt efforts of unelected bureaucrats in Washington, DC from stripping Americans of their right to financial privacy," Emmer, a staunch cryptocurrency advocate, wrote.

He continued, "Any digital version of the dollar must uphold our American values of privacy, individual sovereignty, and free market competitiveness. Anything less opens the door to the development of a dangerous surveillance tool."

Emmer said that the bill would bar the Federal Reserve from issuing a CBDC, prevent the Fed from using a CBDC for monetary policy purposes, and require the Fed's CBDC projects to be transparent.

CBDCs are digital versions of national fiat currencies that operate on private blockchains.

He noted, "After all, America remains a technological leader not because we force innovations to adopt our values under regulatory duress, but because we allow technology that holds these values at their core to flourish."
Emmer said that Reps. French Hill (R-AR), Warren Davidson (R-OH), Andy Biggs (R-AZ), Mike Flood (R-NE), Byron Donalds (R-FL), Pete Sessions (R-TX), Barry Loudermilk (R-GA), Young Kim (R-CA), and Ralph Norman (R-SC) cosponsored the bill.

The Fed has said it is "exploring the potential benefits and risks of CBDCs from a variety of angles," which includes research and experimentation.
...

[Gyfts]

Read his full press release from Rep. Emmer's website: https://emmer.house.gov/2022/1/emmer-introduces-legislation-to-prevent-unilateral-fed-control-of-a-u-s-digital-currency

Washington, D.C.— Today, Congressman Tom Emmer (MN-06) introduced a bill prohibiting the Federal Reserve from issuing a central bank digital currency (CBDC) directly to individuals.
“As other countries, like China, develop CBDCs that fundamentally omit the benefits and protections of cash, it is more important than ever to ensure the United States’ digital currency policy protects financial privacy, maintains the dollar’s dominance, and cultivates innovation. CBDCs that fail to adhere to these three basic principles could enable an entity like the Federal Reserve to mobilize itself into a retail bank, collect personally identifiable information on users, and track their transactions indefinitely,” Emmer said. “Not only would this CBDC model centralize Americans’ financial information, leaving it vulnerable to attack, but it could also be used as a surveillance tool that Americans should never tolerate from their own government.”

“Requiring users to open up an account at the Fed to access a U.S. CBDC would put the Fed on an insidious path akin to China’s digital authoritarianism,” Emmer continued. “It is important to note that the Fed does not, and should not, have the authority to offer retail bank accounts. Regardless, any CBDC implemented by the Fed must be open, permissionless, and private. This means that any digital dollar must be accessible to all, transact on a blockchain that is transparent to all, and maintain the privacy elements of cash”

“In order to maintain the dollar’s status as the world’s reserve currency in a digital age, it is important that the United States lead with a posture that prioritizes innovation and does not aim to compete with the private sector,” Emmer continued.

Bill can be found here: https://emmer.house.gov/_cache/files/e/3/e3f3f683-d983-4456-9f34-8ac493730582/6724255AB4BCC4F46F5F41DAE08F63BD.emmer-045-xml.pdf

Seems refreshing for a bill to not be hundreds of pages of legal jargon. Emmer's attempts will be futile, unfortunately. The central banks are too powerful for their own good. They exist to maintain the interests of the federal government. And, it is within the interest of the federal government to introduce CBDC's as an attempt to resurrect their highly inflating currencies.

A lot of these bills are grandstanding and political posturing anyways. But it acts as a way to mark something for the record so the rest of the Congress has the opportunity to sign onto a bill if they support it. I'm assuming there wouldn't be much support.

[Hispo]

I can appreciate that in a democratic country there is room for someone to introduce a bill against anything, while in other countries like China o Russia, CBDCs are being pushed without much debate on the matter, that being said, I have the feeling that Fed will go around any neigh-Sayers  and go for it anyways.

I would be impressed if these kind of actions actually were an obstacle to the launch of CBDC in USA.

[montaga]

Even if a private bank like the FED introduces a digital currency, they cant force a use-age.

Covid jabs is next on list to ban.
https://twitter.com/i/status/1629242374386864129

[teddy21]

https://twitter.com/Teddy21btc/status/1628410033930137600/photo/1

Maybe I'm looking at a different bill, but the one I read yesterday didn't ban CBDCs. It only said that the Fed can't use them to implement monetary policy.

[BADecker]

Even if a private bank like the FED introduces a digital currency, they cant force a use-age.

Covid jabs is next on list to ban.
https://twitter.com/i/status/1629242374386864129

As far as forced usage of FED money, nobody has to use it right now. People in America can use whatever money they want. Why? Because if they make payment in literal, snorting, squaling pigs rather than money, and the government or anybody else doesn't accept their payment, the debt is cancelled per the Uniform Commercial Code.

The problem is that the people simply don't know how to use common law in court effectively.

[cabron]

FED solves everything by printing money so why would someone prevent issuing CBDC. With CBDC, printing is much easy, it's just digitally adding zeros. Isn't life much easier when the government prints money than not?

If the government does the same with the Nigerian government by deeming a $100 or $20 bill, people will be forced to use the CBDC wallet.

[BADecker]

FED solves everything by printing money so why would someone prevent issuing CBDC. With CBDC, printing is much easy, it's just digitally adding zeros. Isn't life much easier when the government prints money than not?

If the government does the same with the Nigerian government by deeming a $100 or $20 bill, people will be forced to use the CBDC wallet.

If this is the case in the US, why not get rid of the FED, and let the US Treasury print the money? Why pay for FED people and the owners of the FED, when the US could cut out this waste by printing the money themselves? Besides, then there wouldn't be any reason for the IRS tax.

The FED is a method to screw the people out of their money/labor.

[Gyfts]

FED solves everything by printing money so why would someone prevent issuing CBDC. With CBDC, printing is much easy, it's just digitally adding zeros. Isn't life much easier when the government prints money than not?

If the government does the same with the Nigerian government by deeming a $100 or $20 bill, people will be forced to use the CBDC wallet.

If this is the case in the US, why not get rid of the FED, and let the US Treasury print the money? Why pay for FED people and the owners of the FED, when the US could cut out this waste by printing the money themselves? Besides, then there wouldn't be any reason for the IRS tax.

The FED is a method to screw the people out of their money/labor.

The treasury is responsible for the physical printing of U.S. currency but with how banking works now the fed can just digitally transfer credits to whatever accounts they need. The oversight is completely political and of course it doesn't help when currency and digital credits can be generated out of thin air.

Even if you dissolve the agencies, as long as USD can be created without repercussion then the Congress will continue to spend money that isn't there.

Perhaps the fed isn't the issue, the politicians are.

[DeathAngel]

If this bill would only be adopted, Bitcoin could remain king for who knows how long yet.

Bitcoin will remain King with or without CBDC’s. People buy/invest in bitcoin for totally different reasons to why a CBDC would be issued & used. Bitcoin has a hard cap of 21,000,000. CBDC’s are just a fiat shitcoin with a finite supply, they will create them & just mint more whenever they feel like it.

A CBDC is just spyware for the government to track everything you spend your money on. Bitcoin is an inflation fighter, hard money where you are in control. CBDC’s pose no significant risk-to bitcoin long term.

[BADecker]

FED solves everything by printing money so why would someone prevent issuing CBDC. With CBDC, printing is much easy, it's just digitally adding zeros. Isn't life much easier when the government prints money than not?

If the government does the same with the Nigerian government by deeming a $100 or $20 bill, people will be forced to use the CBDC wallet.

If this is the case in the US, why not get rid of the FED, and let the US Treasury print the money? Why pay for FED people and the owners of the FED, when the US could cut out this waste by printing the money themselves? Besides, then there wouldn't be any reason for the IRS tax.

The FED is a method to screw the people out of their money/labor.

The treasury is responsible for the physical printing of U.S. currency but with how banking works now the fed can just digitally transfer credits to whatever accounts they need. The oversight is completely political and of course it doesn't help when currency and digital credits can be generated out of thin air.

Even if you dissolve the agencies, as long as USD can be created without repercussion then the Congress will continue to spend money that isn't there.

Perhaps the fed isn't the issue, the politicians are.

Politicians are definitely an issue. But if the FED was gone, and the US Treasury were in control, there would be a much easier way for people to direct money affairs by getting their representatives to put an honest Treasury Secretary in place. Below is the real issue.

The Constitution allows for only gold and silver to be made into money. If you stretch this, you can issue gold and silver backed paper. But the problem with gold and silver as money is that there isn'e enough of it to maintain money with a growing population... especially considering the industrial uses of gold and silver.

The FED idea was used by government because it is based on a whole different idea. Government is allowed to contract with outside, private companies. And these companies don't have limitations on using only gold and silver. So, now we have fiat money that can be expanded across unlimited population size.

The problem with the FED idea is that the FED is loaning money into existence, and is collecting double in return for the money - not including the extra amount they get from interest on the loans. Half of this double loan repayment is going directly into FED owners private coffers. It gives the private owners money to manipulate the world, provided they don't push enough of it onto the market to inflate it beyond what the people can bear.

The point is that we are giving the world to the owners of the FED little by little, simply by using FED fiat money. They owe us the money back. So, they are trying to move the money system into CBDC to greatly confuse the fact that they owe us countless $trillions, and to maintain their control of money into the future.

The answer is to get rid of the FED, and to take back the money FED owners have stolen from us, militarily if no other way.