U.S. Congressman Stands Against CBDCs With A Call To Ban Central Bank Digital Money

Warren Davidson, a Republican in Congress, raised a voice against central bank digital currencies and demanded Congress to ban and criminalize their creation and usage.

Congressman Davidson claimed in a tweet on July 23 that the Federal Reserve was "building the financial equivalent of the Death Star," adding that CBDCs turn money into a means of coercion and control.

“Congress must swiftly ban then criminalize any effort to design, build, develop, test or establish a CBDC.” Davidon noted.

Davidson's voice for banning CBDCs came as a response to a job posting for a "senior crypto architect" to work on a CBDC project by the Federal Reserve Bank of San Francisco.

“The Federal Reserve is building the financial equivalent of the Death Star. Central Bank Digital Currency (CBDC) corrupts money into a tool for coercion & control.” the congressman added.

Davidson continued his thoughts, highlighting the thesis that money should be a reliable store of value and should not be subject to any form of centralized control.

"Permissionless peer-to-peer transactions should be made possible by sound money." Davidson concluded.

Davidson is not the only one in the anti-CBDC movement

The Federal Reserve has been investigating the technology for a prospective digital currency, but no decisions on its issuance have been made. The prospect of a digital U.S. dollar has sparked debate in the nation and is certain to come up frequently during the 2018 presidential election.

Davidson is not the only person who worries about a possible Fed-controlled digital dollar.

Florida Governor and U.S. presidential candidate Ron DeSantis made the bold statement on July 14 that, if was to become the next United States President, he will "nix any central bank digital currency."

DeSantis has already taken action against CBDCS, as the Governor signed a law that regulates the use of CBDCs in the state in May.

In March, Republican Tom Emmer joined the anti-CBDC train by warning that a programmable CBDC might be "easily weaponized" and used as a spying device to "choke out politically unpopular activity." Emmer has a long history in being a true opposition to state-controlled digital currency.

In order to "stop efforts of unelected bureaucrats in Washington, DC from stripping Americans of their right to financial privacy," Emmer presented the CBDC Anti-Surveillance State Act in February. Senator Ted Cruz of Texas, who put out his own CBDC-blocking legislation in March, supported the legislation.