US Lawmakers Propose Bills to Block CBDCs as Money
Lawmakers in four US states have introduced bills to prevent Central Bank Digital Currencies (CBDCs) from being considered money. The bills were proposed in South Carolina, South Dakota, Tennessee, and Utah as part of efforts to restrict the use of CBDC tokens in those states.
Utah Bill Seeks to Remove CBDC from Legal Tender Definition
A bill introduced by Rep. Tyler Clancy in Utah aims to block the use of CBDCs in the state by removing them from the definition of legal tender. This bill establishes that a central bank digital currency is not considered specie legal tender in Utah.
Similar Bills Introduced in South Dakota and Tennessee
In South Dakota, a bill was introduced that explicitly states that money does not include any central bank digital currency. Similarly, in Tennessee, Sen Frank Niceley filed a bill stating that money does not encompass central bank digital currencies.
Debate Between Bitcoin and CBDCs Continues
The debate surrounding CBDCs and private cryptocurrencies has been ongoing, with proponents of Bitcoin criticizing government adoption. Many cryptocurrency enthusiasts oppose CBDCs and instead advocate for cryptocurrencies like Bitcoin.
“Game Over” for Average Citizens?
Last year, Joe Rogan and Post Malone expressed their opposition to the deployment of a CBDC in the US, calling it “Game Over” for average citizens. They raised concerns about increased government control and surveillance.
Governor DeSantis Signs Law Against CBDCs
Florida Governor Ron DeSantis has signed a law preventing the use of CBDCs in the state. He aims to protect personal finances from government overreach and corporate monitoring. DeSantis has also pledged to ban CBDCs if elected as President.
Argentina’s Pro-Bitcoin President Opposes CBDC Rollout
In Argentina, President Javier Milei, who supports Bitcoin, opposed plans by Economy Minister Sergio Massa to introduce a CBDC in the country.
Hot Take: US Lawmakers Take a Stand Against CBDCs
US lawmakers are making their stance clear by introducing bills to exclude CBDCs from being considered money. These bills aim to restrict the use of CBDC tokens in several states, emphasizing the importance of maintaining the distinction between CBDCs and cryptocurrencies like Bitcoin. The debate between proponents of CBDCs and private cryptocurrencies continues to shape the future of digital currencies. As governments explore the possibility of implementing CBDCs, concerns about increased government control and surveillance arise, leading to opposition from both politicians and crypto enthusiasts.
By
By