Bipartisan US bill introduced to ban CBDC

Legislators in the United States have drafted a bill that would prohibit the Federal Reserve from issuing a central bank digital currency (CBDC).

The authors of the document are Republican French Hill of Arkansas and Democrat Jake Auchincloss from Massachusetts. “The Coinage Power Act” became the first bipartisan initiative to ban the digital dollar.

“Americans have the right to financial privacy. That is why I am proud to stand with the gentleman from Massachusetts in defending civil liberties and the role of the dollar as the world’s reserve currency, and in preventing government surveillance of ordinary citizens,” Hill said.

The politician added that the bill does not reflect the interests of any party and is intended to shield the United States from “abuse by the government.”

In May, Texas introduced a similar bill prohibiting the use of the digital dollar within the state.

Meanwhile in Florida, a CBDC bill has already been enacted, signed by Governor Ron DeSantis. In his view, the law “will shield residents from the administration of President Joe Biden, who wants to turn the financial sector into a weapon.”

Earlier in April, Robert F. Kennedy Jr., nephew of the 35th U.S. president John F. Kennedy, also spoke out against CBDC. He called such assets “the ultimate mechanism of social monitoring and control.”

Later, the author of the bestseller “Rich Dad Poor Dad” and entrepreneur Robert Kiyosaki compared the central bank’s digital currency to the character in George Orwell’s novel “1984” and urged investing in the first cryptocurrency.