Several lawmakers have expressed concerns about the privacy risks of the Federal Reserve issuing a central bank digital currency (CBDC). “Americans have a right to financial privacy,” one congressman said, emphasizing: “We do not need a CBDC that can track your purchases like China does with their digital yuan.” Another noted: “CBDC is to sound money what dictatorship is to freedom.”
‘Americans Have a Right to Financial Privacy’
Multiple U.S. lawmakers have warned against the issuance of a central bank digital currency (CBDC) by the Federal Reserve. Congressman French Hill (R-AR), chairman of Congress’ Digital Assets Subcommittee, wrote on social media platform X on Wednesday:
Americans have a right to financial privacy. We do not need a CBDC that can track your purchases like China does with their digital yuan.
“The authority rests with Congress, not unelected bureaucrats, to create and implement a CBDC. And that’s non-partisan,” the lawmaker stressed.
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