Ban & Criminalize CBDCs? Rep. Davidson Says ‚Money Should Not Be Programmable‘
• Republican Representative Warren Davidson calls to ban and criminalize CBDCs
• Federal Reserve is building a “financial equivalent of the Death Star”
• Sound money should facilitate permissionless peer-to-peer transactions
Republican Representative Calls to Ban & Criminalize CBDCs
Republican Representative Warren Davidson has called for a ban on central bank digital currencies, arguing that they corrupt money into a tool for coercion and control. In response to a position advertised by San Francisco’s Federal Reserve Bank for a “senior crypto architect” to work on a CBDC project, he tweeted that Congress must swiftly ban then criminalize any effort to design, build, develop, test or establish a CBDC. He added that sound money should facilitate permission-less peer-to-peer transactions.
Federal Reserve Building ‘Financial Equivalent of the Death Star’
Davidson accused the Federal Reserve of “building the financial equivalent of the Death Star“, referring to their research into potential digital dollar technology. U.S. presidential candidate Ron DeSantis echoed his concerns in July when he said he would „nix any central bank digital currency“ if elected president. Another Republican Tom Emmer warned in March that such programmable money could be weaponized as a spying tool.
Money Should Not Be Programmable by Central Authority
Davidson argued that money should not be programmable by a central authority, emphasizing the need for it to be used as a stable store of value instead. He believes this is necessary in order for it to facilitate permissionless peer-to-peer transactions without interference from government authorities or other external sources.
Controversy over Potential Digital Dollar
The possibility of a digital version of the U.S dollar has sparked controversy in the country and is expected to be one of the main topics discussed during the upcoming presidential election campaign season. Opponents are concerned about how it could be used as an instrument for government surveillance and control over citizens‘ finances.
Opinions Divided on Potential Digital Dollar
Despite opposition from some quarters, there are also those who believe that CBDCs could lead to greater financial inclusion and access, particularly in developing countries with less advanced banking infrastructure than many Western nations have access too . It remains uncertain whether or not these currencies will become widely adopted but either way it looks set to remain an important talking point until more clarity can be cultivated around them through further discussion and debate at both local and global levels .