3 ms·
Related: https://emmer.house.gov/2022/1/emmer-introduces-legislation-to-prevent-unilateral-fed-control-of-a-u-s-digital-currency https://emmer.house.gov/2022/1
by eternalban 4y ago
Related:
https://emmer.house.gov/2022/1/emmer-introduces-legislation-to-prevent-unilateral-fed-control-of-a-u-s-digital-currency https://emmer.house.gov/2022/1/emmer-introduces-legislation-...
“Not only would this CBDC model centralize Americans’ financial information, leaving it vulnerable to attack, but it could also be used as a surveillance tool that Americans should never tolerate from their own government.”
- tadfisher 4y agoI don't understand how CBDC would do either. I was under the impression that a CBDC would be an instant interbank transfer mechanism, so it would be replacing ACH, not bank accounts or cash. If that's correct, then a CBDC would give the government exactly the same visibility into money flow and financial information as it currently has, given that the Fed runs ACH and the central banking system.
- eternalban 4y ago(I have not read the specs so you should verify) My impression is that you no longer need a bank account. That is one of the selling points for addressing access to money for those who don't/can't have bank accounts.