Nine US lawmakers We have expressed concern about a digital currency project led by the Federal Reserve Bank of Boston. Lawmakers emphasized:
Congressman argues that US CBDC must be open, unlicensed, and private
US Congressman Tom Emer (Republican- Minnesota) announced Thursday that it led a study into central bank digital infrastructure. A currency (CBDC) initiative led by the Federal Reserve Bank of Boston.
Emer and his eight other members of Congress wrote to Susan Collins, President and CEO of the Federal Reserve Bank of Boston, an initiative to work with digital currencies to develop his CBDC in the United States. A project in which he expressed concern about Hamilton. An initiative of the Massachusetts Institute of Technology (MIT).
“Some companies participating in Project Hamilton have used government resources from the project to design CBDCs with the intention of selling those products to commercial banks. It brought the attention of Congress,” Emer explained, emphasizing that:
All US HIS CBDCs must be open, permissionless, and private.
“If a CBDC is not created with the value of transparency in mind, the currency will be exposed to the financial privacy breaches we are currently seeing in China,” he stressed. Did.
“The more I learned about the Boston Fed’s work on Project Hamilton, the more concerned I became about the lack of transparency, particularly in relation to its partnerships with the private sector,” the lawmaker continued.
The unfair advantage some private companies enjoy from this partnership and their inability to guarantee the principles of privacy, sovereignty, and free markets are of concern to all Americans. You should.
This letter seeks to address concerns about Project Hamilton’s funding and involvement with the private sector, and the dangers his CBDC poses to economic privacy and freedom. I’m specifically asking about the Fed’s plans.
“It is important that companies involved in Project Hamilton do not gain an unfair competitive advantage over their current or future competitors. and should not be in the business of picking losers,” the letter concludes.
In January, Emer introduced a bill banning the Fed from issuing central bank digital currencies directly to individuals. “It’s important to note that the Fed does not have the authority to offer personal bank accounts and should not do so,” he stressed at the time.
Earlier this month, the Federal Reserve Bank of New York completed the first phase of its digital dollar experiment called Project Cedar. The New York Fed is currently working with nine major banks on a “proof-of-concept project exploring the feasibility of a theoretical payment system that facilitates wholesale digital asset trading.”
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