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IT'S TIME FOR ISSUANCE OF A US CBDC : JIM HIMES

IT'S TIME FOR ISSUANCE OF A US CBDC : JIM HIMES

Connecticut House of Representatives Member Jim Himes has issued a proposal aimed at initiating a dialogue about the United States that may introduce a digital currency for the central bank, or CBDC.


Himes notice

In a white paper released on Wednesday, Himes called on Congress to begin scrutinizing the release of a digital dollar issued by the Federal Reserve to prevent the government from falling behind in new financial technologies. According to U.S. law, the CBDC "should not be regarded as a substitute for asset and finance systems but as an alternative for consumers and businesses."


The white paper set out a proposal in which the CBDC could express obvious concern, safety and privacy compared to fiat money. Himes added that any regulatory framework in the CBDCs approved by Congress should include "strict user identification procedures that require coordinators to determine who owns the funds," and the Federal Reserve and "participating commercial organizations" that establish the guidelines.


Government steps 

"The longer the United States government waits to adopt this new system, the more we will continue to pursue foreign governments and the private sector," Himes said. "It is time for Congress to consider and move forward with legislation that can authorize the US CBDC."

Various agencies and departments within the US government have explored the potential effects of digital currency when event officials decide to launch it. In May, the Fed released a report concluding that "the use of monetary policy from the CBDC for trading depends largely on the initial conditions of the Federal Reserve's balance sheet."



Among lawmakers in the United States, Himes often enforces congressional cryptocurrencies - especially on the technology used to test Russia's ability to escape sanctions - and introduced part of a bill that many criticized for giving the Secretary of Finance unchecked power. in a particular crypto transaction. Minnesota spokesman Tom Emmer also introduced a bill in January aimed at preventing the Fed from operating as a trading bank in the possible release of a digital dollar, suggesting that lawmakers have not yet reached an agreement with the US CBDC.

Source: cointelegraph




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