Senator Ted Proposes Bill To Restrict The Feds From Granting Digital Dollar To Retail Consumers

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On Wednesday, Senator Ted proposed legislation “to restrict the Feds from disseminating a Central Bank Digital Currency (CBDC) precisely to people,” according to an announcement published on Ted’s official website. This proposed bill had co-sponsors, including Senators Chuck Grassley (R-IA) and Mike Braun (R-IN). “Federal Reserve banks are not allowed to provide products or services to people directly, finance an account for people, or give a central bank digital currency precisely to a person,” stated the bill’s text.  

The law “aims to retain the dominating power of dollar without rivalling with the private sector,” according to the release, which also states that “the Fed doesn’t have, and shouldn’t have the authority to issue retail bank accounts.” The law forbids the Federal Reserve from building a direct-to-consumer CBDC that may be utilized by the federal government as a financial surveillance tool, similar to what is now being done in China.

According to the senator, central bank digital currencies (CBDCs) must follow three essential principles: preserve financial privacy, retain the dollar’s dominance, and foster innovation. CBDCs that do not comply “may allow an entity like the Federal Reserve to transform itself as a retail bank, acquire personally identifiable information about users, and track their transactions indefinitely.”.

It’s noteworthy that “CBDCs, unlike Decentralised Cryptocurrencies like Bitcoin (BTC), is given and supported by a government agency and operate on a consolidated and limited entry blockchain,” senator ted cautioned. This CBDC model would consolidate the financial info of the American people, exposing it to attack and as a monitoring tool over the private transactions of Americans.

During the bill’s introduction, Senator Ted commented, “The Federal government has the power to allow and foster revolution in the crypto space, or to wreck it.” He reiterated. The bill’s introduction would ensure that the government won’t try to consolidate and control crypto to enable its progress in the United States.

Ted concluded that “We are to empower business owners, allowing for innovation and liberation of the people— not suppressing it .”In line with Senator Ted’s bill proposal, United States Representative Tom Emmer declared that Ted’s bill is in sync with his bill, which focuses on “restricting the Federal Reserve from disseminating a Central Bank Digital Currency (CBDC) directly; to people Tom proposed his bill on the 18th of January.

According to the congressman, “I’m pleased that Senator Ted accepted to provide a Senate companion my bill restricting the powers of the Feds,” stressing that: “Federal Authorities must only create a CBDC framework that is accessible, free entry and private – this is to say that any digital dollar should be accessible  by everyone,  transparent transactions on the blockchain,  maintenance of cash privacy elements.”

“Anything short of that places the American people in a position under CCP-style monetary dictatorship,” explained the congressman. The Federal Reserve hasn’t decided to give CBDC. The Federal Authorities published a report in January, and the report explored all there is to a digital dollar. Several lawmakers and Federal Reserve governors haven’t decided whether the United States should issue a digital currency from the Central Bank. Conversely, Michelle Bowman, the Federal Reserve Governor, said, “I’m not completely certain that I comprehend the business case for making it.”


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