Federal Reserve’s CBDC efforts likened to ‘financial Death Star’ by U.S. lawmaker Federal Reserve’s CBDC efforts likened to ‘financial Death Star’ by U.S. lawmaker
The Federal Reserve Bank of San Francisco has listed a CBDC-related job position.
2 min read
Updated: Jul. 24, 2023 at 2:57 pm UTC
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U.S. lawmaker Warren Davidson urged Congress to criminalize attempts to build a Central Bank Digital Currency (CBDC) by the Federal Reserve, according to a July 23 tweet.
Federal Reserve lists CBDC-related job positions.
Davidson said this in light of a recent Federal Reserve Bank of San Francisco job listing requesting a Senior Crypto Architect to work on a CBDC.
The job description specified that the Federal Reserve seeks a technologist to “perform central bank digital currency (CBDC) research and development.”
The expert will work to “ensure the Federal Reserve is well-positioned to design, develop, and implement technology to support a CBDC as may be required by the Board of Governors.”
Although the job listing shows that the Federal Reserve is only working on CBDC research, Rep Davidson believes it is a sign of what is to come and described it as the “financial equivalent of the Death Star.”
“Congress must swiftly ban then criminalize any effort to design, build, develop, test or establish a CBDC,” he said.
Davidson added that CBDC would turn money into a tool of coercion and control.
Congress divided on CBDCs
Davidson’s view echoes that of several other legislators, including Senator Ted Cruz and Rep Tom Emmer, who are vocal antagonists of CBDCs. Cryptocurrencies and CBDCs have divided Congress across partisan lines, with most Republican politicians opposing the introduction of a digital dollar.
Since the beginning of the year, several lawmakers have introduced bills that seek to prevent the government from testing a CBDC or introducing one to Americans.
Additionally, several U.S. states, like Florida and North Carolina, have passed laws to ban the introduction of digital dollars or to prevent their issuance within their jurisdiction.
On the other hand, Senator Elizabeth Warren, a Democrat, has advocated for CBDCs, arguing that they could help solve issues within the banking industry. This aligns with a recent Bank of International Settlement report that stated that the digital asset could help improve financial inclusion and payment efficiency.
Meanwhile, the Federal Reserve remains undecided about creating the digital currency. The agency website states:
“It has made no decision on issuing a central bank digital currency (CBDC) and would only proceed with issuing a CBDC with an authorizing law.”
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Thomas Emmer, an American attorney and seasoned politician, has represented Minnesota’s 6th congressional district in the U.S.
Elizabeth Warren is an American politician and former academic known for being fiercely anti-Bitcoin and anti-crypto.