Republican lawmakers gain traction with CBDC Anti-Surveillance State Act, now with 23 co-sponsors
Republican House Majority Whip Tom Emmer's CBDC Anti-Surveillance State Act has gained support from lawmakers, including some who haven't publicly stepped forward. The legislation would prohibit the Federal Reserve from issuing a CBDC directly to Americans or using it to shape monetary policy. The bill initially had nine co-sponsors, but that number has since grown to include 14 other members of Congress, bringing the current total to 23. Emmer and others have criticized CBDCs as a tool for surveillance that could erode privacy rights.
Florida Governor Signs Bill Banning Central Bank Digital Currency
Florida Governor Ron DeSantis has signed a bill that prohibits the use of a centralized digital dollar or CBDC in the state. DeSantis has been vocal about his opposition to CBDCs, calling them part of "woke politics" that he wants to combat. The new law explicitly defines money and excludes CBDCs from its definition. DeSantis has suggested that CBDCs could be used by the government to track transactions and control Americans, and has been leading polls for potential Republican Party nominees. However, he recently announced that Florida would accept Bitcoin as payment for state taxes, but only from businesses, not individual taxpayers.
BIS Releases Handbook on Offline Use of Central Bank Digital Currencies (CBDCs)
The Bank for International Settlements (BIS) has released a handbook on the offline use of central bank digital currencies (CBDCs) following a joint project with the central banks of Sweden, Norway, and Israel. The guide, titled 'Project Polaris,' aims to assist central banks in implementing CBDCs in their offline operations, depending on various considerations such as location, demographics, and other specific factors.
BIS Explores Offline Payments With CBDCs and Highlights Privacy Risks in New Handbook
The Bank for International Settlements (BIS) is exploring the potential for offline payments using a central bank digital currency (CBDC). The BIS Innovation Hub Nordic Centre has published a guide called "Project Polaris" which outlines the risks and opportunities of CBDCs for offline payments.
Chinese Provinces Push Digital Yuan Adoption in Education and Public Transport Sectors
Chinese provinces are continuing to promote the adoption of digital yuan, with plans to introduce the central bank digital currency (CBDC) in education and public transport sectors. The coastal province of Jiangsu is set to launch a platform that will allow citizens to pay education and exam fees using digital yuan. The province also plans to enable scholarship grants to be paid out in CBDC and promote digital yuan pilot work in the education field. Meanwhile, the city of Jiangmen in Guangdong Province has announced that digital yuan payments will now be accepted on all buses, following a successful pilot program.
Republican Whip Tom Emmer Claims Some Democrats Secretly Support His Anti-CBDC Bill
Tom Emmer, the Republican Party whip in the US House of Representatives, has claimed that some Democrats secretly support his anti-central bank digital currency (CBDC) bill. Emmer's bill, known as the CBDC Anti-Surveillance State Act, has gained significant traction among Republican lawmakers, but Emmer revealed that there is also support from Democrats who cannot publicly express their support due to the current administration's lack of favorability towards the bill.
Bank of England’s Fintech Director Discusses Privacy and Anonymity in Relation to Potential Digital Pound
Tom Hutton, the Bank of England's director of fintech, discussed the UK's plans for a central bank digital currency (CBDC) at the Financial Times Cryptocurrency and Digital Assets Summit in London. Hutton emphasized the importance of privacy in the digital pound, but clarified that anonymity should not be a feature. He also stated that the digital pound would not be interoperable with cryptocurrencies, as they do not fulfill the functions of money. The Bank of England has not yet announced a launch date for the digital pound, but has suggested that it may be needed in the future.
International Interoperability Vital for Cryptocurrency Mass Adoption: UK Crypto Parliamentary Chair
The Chair of the UK's Crypto and Digital Assets All Party Parliamentary Group, Lisa Cameron, has emphasized the importance of international interoperability for the mass adoption of cryptocurrency and digital assets. Cameron noted that progress has been made on international regulatory standards by the G7 and G20, with a focus on creating an overall standard while allowing individual jurisdictions to have their own regulatory regimes. The CEO of the Blockchain Association, Kristin Smith, agreed that there is coordination across the crypto industry when it comes to regulation. The G7 and G20 groups are working to create regulatory standards around cryptocurrencies, digital assets, and CBDCs, with recommendations set to be released by July.
BNP Paribas Teams Up With Bank of China To Promote Digital Yuan Usage
The French bank BNP Paribas is collaborating with the Bank of China (BOC) to promote China's digital currency, the digital yuan, to its corporate clients, the South China Morning Post reported.
North Carolina House Votes in Favor of CBDC Ban
North Carolina’s House of Representatives unanimously voted in favor of a bill banning the acceptance of Central Bank Digital Currencies (CBDCs) by government entities.
