US Lawmaker Revives CBDC Bill Post Trump’s Digital Dollar Ban

US Lawmaker Tries Again: A New Bill Against Digital Dollar

Something big is happening in the world of money. A lawmaker in the United States, Representative Tom Emmer, has tried again to stop the creation of a digital version of the US dollar. This is a big deal because many countries are thinking about making their own digital money, but the US is saying “not so fast”.

What’s the Fuss About?

You might be wondering, what’s so special about a digital dollar? Well, it’s like having real money, but instead of physical coins or notes, it’s all done on computers. Some countries, like China and Israel, are already working on their own digital money.

But in the US, some people are worried. They think that if the government makes a digital dollar, it could watch everything we buy and do with money, like spying on us. That’s why Representative Emmer wants to stop it.

Emmer’s New Bill

Representative Emmer has made a new law called the “CBDC Anti-Surveillance State Act”. This law wants to change a big money rule in the US to stop banks from making a digital dollar or anything like it.

Many other lawmakers from his party support this bill. They think that a digital dollar could give the government too much control over our money. They also like the idea of private digital money, like stablecoins, more than a government-made one.

What the President Said

President Trump also doesn’t like the idea of a digital dollar. He made a special order saying that the government can’t make one. This is like Emmer’s bill, but it’s an order from the president, not a law voted on by lawmakers.

Other Countries’ Plans

While the US is saying “no” to a digital dollar, other countries are saying “yes”. Israel is making plans for a digital shekel, and the European Central Bank is thinking about a digital euro. This shows that many countries want to use digital money.

What’s Next?

So, what happens now? Will the US make a digital dollar or not? Only time will tell. This is a big debate, and it’s important because it could change how we use money in the US.

Sources: Cointelegraph, Centre for e-Governance, Payments Dive, Ethio Diaspora Hub, Binance