During today’s Congressional hearing about central bank digital currency (CBDC) multiple Members of Congress expressed reservations about a digital dollar. While most of them were Republicans who believe payment innovation should be left to the private sector, the divide was not entirely based on party lines.
The specter of China leading the way in establishing standards and using the digital yuan for cross border payments featured heavily during discussions. As did China’s ability to monitor and potentially block private payments.
Congressman Patrick McHenry (Republican) was particularly concerned about this latter point. “If we don’t move as Americans, international settlements, remittances, could go to a regime that we’d not like. But domestically, Mr (Professor) Levin raises this issue of the cost of payments,” said McHenry.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
