Macro Musings with David Beckworth
Nicholas Anthony on *Digital Currency or Digital Control: Decoding CBDC and the Future of Money*
Jul 29, 2024
Nicholas Anthony, a policy analyst at the Cato Institute and fellow at the Human Rights Foundation, dives into the world of Central Bank Digital Currencies (CBDCs). He explores the historical evolution of CBDCs and discusses their challenges, risks, and varying types. The conversation also touches on privacy concerns linked to government surveillance and recent legislative moves. Anthony emphasizes the need for public awareness around the implications of CBDCs and the complexities of cross-border payments, questioning if they truly solve existing financial issues.
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Quick takeaways
- Recent legislative developments indicate a growing support in Congress for CBDCs, with significant implications for future monetary control and policy.
- The history of CBDCs demonstrates a pre-existing interest that surged following Facebook's Libra, driving governments to rethink monetary frameworks.
Deep dives
Update on CBDC Legislation
Recent developments in central bank digital currency (CBDC) legislation have seen significant movement in Congress, particularly with Representative Tom Emmer’s successful passage of a bill asserting that the authority to issue a CBDC rests primarily with Congress. This bill received nearly unanimous support from Republican representatives, with only a few Democrats joining in. The next steps involve the Senate, where it is anticipated that Senator Ted Cruz will introduce a companion bill, likely aiming to capitalize on the current momentum. While the prospects for future action seem promising, ongoing amendments and the overarching political landscape will shape the outcomes leading up to the upcoming elections.
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