{"id":15094,"date":"2022-12-03T03:16:56","date_gmt":"2022-12-03T03:16:56","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/us-lawmakers-say-any-digital-dollar-must-be-open-permissionless-and-private-regulation-bitcoin-news\/"},"modified":"2022-12-03T03:16:56","modified_gmt":"2022-12-03T03:16:56","slug":"us-lawmakers-say-any-digital-dollar-must-be-open-permissionless-and-private-regulation-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/us-lawmakers-say-any-digital-dollar-must-be-open-permissionless-and-private-regulation-bitcoin-news\/","title":{"rendered":"US Lawmakers Say Any Digital Dollar Must Be Open, Permissionless, and Private \u2013 Regulation Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Nine U.S. lawmakers have raised concerns regarding the U.S. central bank digital currency project led by the Federal Reserve Bank of Boston. The lawmakers stressed: \u201cAny U.S. CBDC must be open, permissionless, and private.\u201d<\/strong><\/p>\n

Congressmen Say Any US CBDC Must Be Open, Permissionless, and Private<\/h2>\n

U.S. Congressman Tom Emmer (R-MN) announced Thursday that he has led an inquiry into the central bank digital currency (CBDC) effort led by the Federal Reserve Bank of Boston.<\/p>\n

Emmer and eight other members of Congress sent a letter to Susan Collins, president and CEO of the Federal Reserve Bank of Boston, raising concerns about Project Hamilton<\/a>, an initiative to develop a U.S. CBDC in collaboration with the digital currency initiative at the Massachusetts Institute of Technology (MIT).<\/p>\n

\u201cIt has come to Congress\u2019s attention that some firms participating in Project Hamilton intend to use government resources from the project to design a CBDC with the intent to then sell those products to commercial banks,\u201d Emmer described, emphasizing:<\/p>\n

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Any U.S. CBDC must be open, permissionless, and private.<\/p>\n<\/blockquote>\n

\u201cIf the CBDC is not crafted with the values of transparency in mind, the currency falls at risk to the financial privacy violations currently on display in China,\u201d he stressed.<\/p>\n

\u201cThe more we learn about the Boston Fed\u2019s work on Project Hamilton, the more we have become concerned with the lack of transparency, especially as it relates to their partnership with the private sector,\u201d the congressman continued, elaborating:<\/p>\n

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The unfair advantage that some private companies could enjoy from this partnership and the failure to ensure the principles of privacy, sovereignty, and free markets should be concerning to every American.<\/p>\n<\/blockquote>\n

The letter specifically asks about Project Hamilton\u2019s funding and engagement with the private sector as well as the Fed\u2019s plans to address concerns regarding the dangers a CBDC could pose to financial privacy and financial freedom.<\/p>\n

\u201cIt is important that the firms engaging with Project Hamilton do not receive unfair competitive advantage over current or future competitors. Neither the federal government nor the Federal Reserve Banks should be in the business of picking winners and losers in the private markets,\u201d the letter concludes.<\/p>\n

In January, Emmer introduced a bill to prohibit<\/a> the Fed from issuing a central bank digital currency directly to individuals. \u201cIt is important to note that the Fed does not, and should not, have the authority to offer retail bank accounts,\u201d he emphasized at the time.<\/p>\n

Earlier this month, the Federal Reserve Bank of New York completed<\/a> the first phase of its digital dollar experiment called Project Cedar. The New York Fed is now collaborating<\/a> with nine major banks on a \u201cproof-of-concept project to explore the feasibility of a theoretical payments system which would facilitate wholesale digital asset transactions.\u201d<\/p>\n

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Boston Fed<\/a>, CBDC<\/a>, central bank digital currency<\/a>, Congressman<\/a>, Digital Dollar<\/a>, digital dollar boston fed<\/a>, federal reserve bank of boston<\/a>, Federal Reserve CBDC<\/a>, MIT<\/a>, Project Hamilton<\/a>, tom emmer<\/a>, Tom Emmer CBDC<\/a><\/div>\n<\/div>\n

Do you think the U.S. will issue a CBDC that is \u201copen, permissionless, and private\u201d like Congressman Tom Emmer described? Let us know in the comments section below.<\/strong><\/em><\/p>\n

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\nKevin Helms <\/h6>\n

\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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