A report from the Cato Institute argues that a United States government-issued central bank digital currency, or CBDC, would usurp the private sector and threaten citizens’ privacy and core freedoms.

The institute minced no words in the phrasing of the report’s ultimate takeaway, stating that CBDCs “should have no place in the American economy” and that “Congress should explicitly prohibit the Federal Reserve and the Department of the Treasury from issuing a CBDC in any form.”