Despite the fact that even on the part of the Fed, there are many uncertainties about a possible digital dollar, the US Senate even seeks to make such a development illegal. According to reports coming from the USA, Senator James Lankford has filed a bill with the defiant title No Digital Dollar Act. The bill, the main purpose of which will be to ban the transition to CBDC, which will affect the right of American citizens to use cash.
“No Central Bank digital currency will be deemed to have the force of law in accordance with Section 16 5103 of Section 13 of the U.S. Code of Laws.”
In other words, the Fed may try to go down this path, but without the ability to make the digital dollar legal tender and, therefore, without the ability to force anyone to accept it as payment, and, therefore, which is also provided by law, without it leading to the withdrawal of cash from circulation.
“With the development of technology, Americans should not worry about the possible tracking of every movement of their financial life, or that their money could be destroyed”.
Strong proposals that, whatever it is, show that someone in Washington actually understands the risks inherent in this type of operation well. Risks that no one, or almost no one, takes into account in Europe, at least at the political level. Still, the ECB continues to act not only in the absence of real consultations with the public, but also in the complete absence of political debates, where none of the old or new elected officials seems to be one iota aware of the situation.
The hot discussion
The possible adoption or even simple integration regarding CBDC deserves an honest and open discussion, because these are technologies, as we have said many times, that can radically change our approach to money, and the opportunity to enjoy freedoms that our fathers did not even suspect.
Let’s see if anyone in Europe will accept the challenge posed by the United States, and whether they will finally decide to publicly discuss, perhaps even on television, where such topics are rarely raised, which will entail the introduction of digital currencies for all intents and purposes. A potentially dangerous introduction due to issues concerning the freedom and privacy of its citizens.
Meanwhile, the ECB does not seem to follow this opinion, and continues to press on the gas to first create and then adopt these instruments.