Posted on 07/20/2025 3:41:19 PM PDT by E. Pluribus Unum
A proposed GOP ban on a central bank digital currency (CBDC) could pump the brakes on grand visions to reshape electronic payment access around the Federal Reserve.
Republican lawmakers pushed the ban through the House on Thursday over concerns the government could use a CBDC to surveil Americans’ financial transactions. The banking industry has also lobbied against the currency, arguing the public already has sufficient access to easily usable and safe digital money.
“Nobody yet knows whether a CBDC is a good idea or not,” Rep. Jim Himes (D-Conn.), who has pushed for the government to explore a CBDC, said following the House’s vote.
“There is potential for abuse and corruption, but also for extraordinary modernization that could serve unbanked communities, support the primacy of the U.S. dollar, and much more,” he added.
Fed floated idea in 2022 white paper
In 2022, the Federal Reserve issued a study of CBDCs that outlined their risks and benefits.
“All options for private digital money, including stablecoins and other cryptocurrencies, require mechanisms to reduce liquidity risk and credit risk. But all these mechanisms are imperfect,” the report notes.
A traditional bank account is backed by the Federal Deposit Insurance Corporation, which guarantees individual deposits up to $250,000 in the event a bank fails. But there are also riskier forms of digital financial services.
In 2024, a financial technology company called Synapse collapsed and left customers unable to access some $265 million in deposits.
A CBDC, backed with the full faith and credit of the U.S. government, would be the safest possible digital asset. The Fed paper said that a CBDC could make cross-border payments easier and potentially improve access to banking for low-income households.
(Excerpt) Read more at thehill.com ...
Digital Currency is a horrible idea. With a few keystrokes those in charge of the Digital Currency could render you instantly broke. It is a tyrants dream.
Good, and that is the whole idea of it. They NEED to be stopped with this agenda to digitally enslave us.
A CBDC would be fine….if it wasn’t run by the government.
Anytime the government can control (even theoretically) whether or not you get access to your money, it’s a bad day. If they don’t like what you are doing, they can just close down access to your funds. Poof….you are penniless.
As Emiril loves to say...BAM!
Just be sure you keep up your Social Credit Score and you’ll be fine, comrade.
I want my electrons and I want them now! There’s so much money to be made in electrons and they’re in such short supply these days!
Trump wanted it. Actually demanded it. He knows what’s he is doing.
That Himes guy was on CBS today calling Tulsi a liar.
Let some OTHER COUNTRY find out just how useful a digital currency is when there’s a blackout, a nuclear war, hack, or a solar event. There’s not need to be the guinea pig here.
A CBDC would be fine….if it wasn’t run by the government.
————
No it’s not- now a Bank ( in collusion with government) will switch you off. People already are being debanked.
The door has been opened to a cashless society, acceptance of this guarantees it will be misused in the future..
One-Hundred percent.
The socialists desperately want a “ digital currency “.
They want to know what’s in your bank account, and how you spend it.
If they object to your political perspective, they can just freeze your account.
Just so! Every person who posts here on FR would be deleted just for that fact.
It is by inspection an absolute horrible anti-freedom action. This instrument is designed for tracking all uses of money, where it is, who has it. It can be expired. It can be disabled and taken from you via software. It can have negative rates applied to it. And there is NOTHING you can do to avoid any of these things if it is implemented.
Use Cash!
The globalists can’t own you.
That’s not how they work in a peer to peer environment.
YOU are your own bank.
“Use Cash!
The globalists can’t own you.”
I do... I wish more would make the effort to do so. I don’t use digital cards of any kind, not even store rewards cards and I still send out checks for my bills. I don’t buy anything from off the net or use any phone apps.
The only reason folks support it is because they are outright lazy... Too lazy to get cash and handle it and even too lazy to count it out. Pure laziness...
“I don’t use digital cards of any kind, not even store rewards cards “
I get 2% to 5% back when I do.
“and I still send out checks for my bills. “
I get 2% back on my bills charged to my credit cards.
I save about $10 a month in postage.
My credit union gives share rebates for using bill pay.
At least $600 a year back into my pocket!
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.