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HomeAltcoinsUS Republican Warren Davidson urges to ban CBDC use in nation

US Republican Warren Davidson urges to ban CBDC use in nation

Republican Congressman of the United States, Warren Davidson has issued a statement against central bank digital currencies and called on Congress to outlaw and criminalise their formation.

Congressman Davidson claimed in a tweet on 23 July that the Federal Reserve was “growing the financial counterpart of the Death Star,” claiming that CBDCs turn money into a means of extortion and control.

Davidson further added, “Congress must immediately outlaw and make illegal any attempt to design, construct, develop, test, or establish a CBDC.”

Warren Davidson urges to ban CBDC use in nation
Warren Davidson urges to ban CBDC use in nation

Davidson’s remarks were in response to a job posting for a “senior digital currency architect” to assist on a CBDC project by the Federal Reserve Bank of San Francisco.

In response to a Twitter user’s statement, Davidson claimed that money should be a reliable store of value and should not be programmed by a central authority.

According to him, peer-to-peer transactions requiring no permission should be made possible by sound money.

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 declared on July 14 that, if elected, he will “nix any CBDC.” A law regulating the usage of CBDCs in the state was signed by DeSantis in May.

In March, Republican Tom Emmer warned that a programmed CBDC might be “easily weaponized” as a surveillance device to “choke out politically divisive conduct.” Emmer has been outspoken in his opposition to state-controlled digital currency.

In order to “stop attempts of unelected officials in Washington, DC from removing Americans of their right to financial security,” Emmer presented the CBDC Anti-Surveillance State Act in February. Senator Ted Cruz of Texas, who earlier this year put out a plan to prevent the CBDC, supported the legislation.

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