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US lawmakers advocate for digital dollars

 


Jim Himes, Member of the Connecticut House of Representatives, has released a proposal aimed at opening a dialogue on the possible launch of a central bank digital currency (CBDC) in the United States.


A white paper was released Wednesday in which Himes called on Congress to consider introducing a digital dollar to be issued by the Federal Reserve. This is to prevent the government from being at the bottom of the league when it comes to FinTech innovation. According to US lawmakers, a CBDC "should not be viewed as a replacement for existing payment systems and currencies, but as an additional alternative for consumers and businesses".


The white paper states that a CBDC may raise transparency, security and privacy concerns compared to fiat currencies. Himes added that a regulatory framework for CBDCs passed by Congress should include strict user identity verification measures. Intermediaries should "verify the identity of the wallet holders" and the US Federal Reserve and the "participating commercial entities" should set guidelines.


"The longer the United States government waits to embrace this innovation, the further we fall behind other governments and the private sector," said Himes. "It is time for Congress to consider and push ahead with a legal framework that would enable a US CBDC."

Various agencies and departments of the US government have been studying the potential impact of a digital dollar. In May, the US Federal Reserve released a report concluding that “the implementation of monetary policy through a retail CBDC depends very much on the initial conditions of the Federal Reserve’s balance sheet.” 


Himes has called on Congress to take action on cryptocurrencies on a number of occasions , particularly with regard to the technology being used to explore ways for Russia to circumvent sanctions. He has also introduced a section in a draft law that has been criticized by many for giving the Treasury Secretary unlimited power over certain crypto transactions . Minnesota Rep. Tom Emmer also introduced a bill in January, which is intended to prevent the US Federal Reserve from acting as a retail bank in the eventual issuance of a digital dollar. This suggests that lawmakers have yet to come to a consensus on a US CBDC.

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