Opinion: A central bank digital currency is a terrible idea
In January 2022, the Federal Reserve released a research report titled “Money and Payments: The U.S. Dollar in the Age of Digital Transformation.” The stated purpose of the paper was to begin a public discussion about central bank digital currencies and whether the Fed should issue one.
H.R. 1122, co-sponsored by California Rep. Kevin Kiley, would amend the Federal Reserve Act to prohibit the Fed from offering digital currency products or services directly to individuals or using central bank digital currency for monetary policy. The reason is clear in the title of the bill: The “CBDC Anti-Surveillance State Act.”
Here’s another way to phrase that: With a central bank digital currency, the government will have a record of every cent spent by everyone. The government will know how much was spent, where it was spent, and who received it. This is already possible when the government requires banks to freeze one or more accounts for a law enforcement purpose. A central bank digital currency, however, puts the government in direct control of the “off” switch, without the need for even a minimal legal process.
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