Yesterday’s Congressional debate about a digital dollar CBDC did not divide along party lines. While all the Republican Representatives seemed opposed to a central bank digital currency (CBDC), so were a few Democrats. In a Congressional vote, a CBDC would struggle to get approval. Both the Federal Reserve and the Department of Justice stated previously that a retail CBDC needs Congressional backing.
“There is no support for a CBDC in Congress, except from those on the fringes, who think that somehow a CBDC might be an amazing solution to many unstated global problems,” said Representative French Hill, the Chair of the Subcommittee on Digital Assets, Financial Technology and Inclusion. Republicans have vocally opposed a CBDC, proposing several bills to block it.
Hence, one could easily assume Representative Hill’s statement was hyperbole. And perhaps it was a little because some Democrats are keen to explore the possibility of a CBDC.
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