{"id":62277,"date":"2023-09-18T01:38:23","date_gmt":"2023-09-18T05:38:23","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/us-house-financial-services-committee-advances-bill-to-block-digital-dollar-launch\/"},"modified":"2023-09-18T01:38:27","modified_gmt":"2023-09-18T05:38:27","slug":"us-house-financial-services-committee-advances-bill-to-block-digital-dollar-launch","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=62277","title":{"rendered":"US House Financial Services Committee Advances Bill to Block Digital Dollar Launch"},"content":{"rendered":"
\n

The United States House Financial Services Committee is going forward with the legislative measures aimed at controlling the issuance of a digital dollar.<\/p>\n

Chairman Patrick McHenry recently announced that the Committee has scheduled a markup session for two crucial bills related to the potential digital dollar.\u00a0<\/p>\n

A markup is a pivotal stage where lawmakers discuss the intricate details of a bill before it progresses to the House floor, marking an essential milestone in the legislative process.<\/p>\n

Digital Dollar Prevention Act Seeks to Restrict Fed from Issuing CBDC<\/h2>\n

One of the key bills under consideration is the Digital Dollar Pilot Prevention Act, designated as H.R. 3712.\u00a0<\/p>\n

This legislation, introduced by Representative Alex Mooney in May, seeks to restrict the Federal Reserve from launching pilot programs to test CBDCs without prior approval from Congress.<\/p>\n

The move comes in response to recent developments where the Federal Reserve, while not confirming its decision to issue a CBDC, has indicated its readiness to proceed with the issuance only under the framework of an authorizing law.\u00a0<\/p>\n

Despite this cautious stance, the Federal Reserve of San Francisco has been actively recruiting technical experts for a CBDC project, suggesting that the digital dollar remains a topic of serious consideration.<\/p>\n

The second piece of legislation involves an amendment to the Federal Reserve Act. This amendment would prohibit Federal Reserve banks from offering specific products or services directly to individuals.\u00a0<\/p>\n

It also includes provisions that restrict the use of CBDCs for monetary policy purposes and other unspecified objectives.<\/p>\n

The proposed amendment states, “A Federal Reserve bank shall not offer a central bank digital currency, or any digital asset that is substantially similar under any other name or label, indirectly to an individual through a financial institution or other intermediary.”<\/p>\n

CBDC Becomes a Point of Debate Among Presidential Candidates\u00a0<\/h2>\n

The potential implementation of a digital dollar has generated a mix of opinions within the United States. Notably, presidential candidates Robert F. Kennedy Jr. and Ron DeSantis have publicly expressed concerns about the establishment of a CBDC, citing apprehensions regarding financial privacy.<\/p>\n

On the other hand, proponents of CBDCs argue that they could strengthen the position of the US dollar on the global stage and further foster the adoption of cryptocurrencies.\u00a0<\/p>\n

Over a 100 countries are currently working on CBDC projects in some capacity. China has already successfully piloted its digital yuan in many cities.\u00a0<\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The United States House Financial Services Committee is going forward with the legislative measures aimed at controlling the issuance of a digital dollar. Chairman Patrick McHenry recently announced that the Committee has scheduled a markup session for two crucial bills related to the potential digital dollar.\u00a0 A markup is a pivotal stage where lawmakers discuss […]<\/p>\n","protected":false},"author":1,"featured_media":62278,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-62277","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"\nUS House Financial Services Committee Advances Bill to Block Digital Dollar Launch | iFintechWorld<\/title>\n<meta name=\"description\" content=\"The United States House Financial Services Committee is going forward with the legislative measures aimed at controlling the issuance of a digital\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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