Congressman Warren Davidson calls for CBDCs to be banned and criminalised

Speaking out against Central Bank Digital Currencies (CBDCs), United States Republican Representative Warren Davidson has urged Congress to ban them and criminalize their development.

In a July 23 Twitter post, Congressman Davidson accused the Federal Reserve of “building the financial equivalent of the Death Star,” saying that CBDCs turn money into a tool of coercion and control, adding:

“Congress should swiftly ban and then criminalize any attempt to design, manufacture, develop, test or manufacture a CBDC.”

Davidson’s comments came in response to a post advertised by the Federal Reserve Bank of San Francisco for “Senior Crypto Architect” to work on the CBDC project.

The Federal Reserve is building the financial equivalent of the Death Star.

Central bank digital currency (CBDC) turns money into a tool of coercion and control.

Congress should swiftly declare any attempt to design, manufacture, develop, test or install a crime #cbdc, pic.twitter.com/9JWiyj5H2f

— Warren Davidson (@WarrenDavidson) 23 July 2023

Responding to a comment from a Twitter user, Davidson argued that money should be a stable store of value and not programmable by a central authority.

“Sound money should facilitate peer-to-peer transactions without consensus,” he added.

The Federal Reserve is actively researching the technology for a potential digital dollar, but has yet to make a decision on issuing it. The prospect of a digital version of the US dollar has sparked controversy in the country and is expected to be a major talking point in the upcoming presidential election.

Congressman Davidson is also not the only one worried about a potential Fed-controlled digital dollar.

US presidential candidate and Florida governor Ron DeSantis on July 14 Said If elected president, he would “ignore any central bank digital currency”. In May, DeSantis signed an invoice Restricting the use of CBDCs in the state.

Connected: IMF’s CBDC Effort Gets Backlash From Crypto Community – ‘Nobody Wants It’

Republican Tom Emmer has also spoken out in his warnings about state-controlled digital money. In March, the liberal think tank Said A programmable CBDC could be “easily weaponized” as an espionage tool to “suppress politically unpopular activity”.

Bucket City: CBDC Anti-Surveillance State Act in February “to stop efforts by unelected bureaucrats in Washington, DC to deprive Americans of their right to financial privacy.” The bill was supported by Texas Senator Ted Cruz, who City: Its own CBDC blocking law in March.

magazine: Crypto Regulation – Does SEC Chairman Gary Gensler Have the Last Word?