Mathew Di Salvo reports in decrypt.co that "U.S. lawmakers spoke about the benefits of a central bank digital currency (CBDC)—but conservatives also expressed concern over how it could turn the country into a Chinese-like surveillance state.
Politicians quizzed experts on how a so-called digital dollar in the States would work during a two-hour meeting held by the Subcommittee on National Security, International Development and Monetary Policy, on Tuesday morning.
A CBDC is a digital version of a fiat currency, such as the British pound or U.S. dollar, backed by a central bank and therefore controlled by the government. Countries around the world are in different stages of researching the technology.
Some nations, like China, are well ahead of the game and already have one pretty much developed. The U.S. is still researching the benefits of one and has said previously that it is in no rush to release one.
Republican Congressman Andy Barr (KY-06) said that the U.S. would have to observe China closely as it could use its digital yuan to “expand domestic surveillance initiatives” or even to “enforce party discipline.”
Congressman Patrick McHenry (R-NC) agreed and said that the U.S. would have to wrestle with “privacy rights and civil liberties—something the Chinese don’t give a whit about,” when developing a CBDC.
While Tom Emmer (R-MN) said that a CBDC would only be beneficial if it was “open, permissionless and private.”
Source credit - https://decrypt.co/77004/us-lawmakers-avoid-chinese-like-surveillance-digital-dollar
Hopefully, the US lawmakers can get the US CBDC right and not let it infringe on privacy rights and civil liberties.
What is your take - Will the Digital Dollar will be “open, permissionless and private”?
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