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<p class="is-style-lead">US congressman Warren Davidson has voiced his concerns on central bank digital currencies (CBDCs), claiming they should be banned and criminalized.</p> 
<p>In a tweet on July 23, the congressman described the Federal Reserve’s efforts as “building the financial equivalent of the death star.” This implies his significant concerns regarding the possible authority and control that a CBDC could give the central bank.</p> 
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   <p lang="en" dir="ltr">The Federal Reserve is building the financial equivalent of the Death Star.<br><br>Central Bank Digital Currency (CBDC) corrupts money into a tool for coercion &amp; control.<br><br>Congress must swiftly ban then criminalize any effort to design, build, develop, test or establish a <a href="https://twitter.com/hashtag/CBDC?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#CBDC</a>. <a href="https://t.co/9JWiyj5H2f" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/9JWiyj5H2f</a></p>— Warren Davidson 🇺🇸 (@WarrenDavidson) <a href="https://twitter.com/WarrenDavidson/status/1683079077245120514?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">July 23, 2023</a> 
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<p>In addition, <a href="https://crypto.news/congressman-warren-davidson-token-taxonomy-act-3-0/" rel="noopener noreferrer nofollow">Davidson</a> stated his worry that a CBDC might breed corruption, turning money into a weapon of coercion and power.&nbsp;</p> 
<p>He urged prompt congressional action to outright outlaw CBDCs to counter this perceived threat. He also called for punishing any initiatives made to create, construct, develop, test, or establish a CBDC.</p> 
<p>The Representative provided a screenshot of an Indeed job posting from the Federal Reserve Bank of San Francisco to support his claims. The ad confirmed Davidson’s worries and highlighted his urgency in taking precautionary measures by revealing the bank’s intention to engage a senior crypto architect to work on creating a CBDC.</p> 
<p> You might also like: <a href="https://crypto.news/cbdcs-can-restrict-citizens-spending-economist-warns/" rel="noopener noreferrer nofollow"> CBDCs can restrict citizens’ spending, economist warns </a> </p> 
<h2 class="wp-block-heading" id="the-congressman-s-previous-efforts-against-cbdcs">The congressman’s previous efforts against CBDCs</h2> 
<p>This is not the first time the congressman has voiced his concerns over CBDCs. According to a <a href="https://davidson.house.gov/2023/3/rep-davidson-condemns-state-efforts-to-legalize-cbdcs" target="_blank" rel="noopener noreferrer nofollow">press release</a> from March 21, Warren Davidson wrote a letter to his House colleagues urging them to prevent governmental efforts to promote CBDCs.&nbsp;</p> 
<p>In the letter, he expressed worries that <a href="https://crypto.news/cbdcs-explained-how-could-they-impact-global-finance/" target="_blank" rel="noopener noreferrer nofollow">CBDCs</a> will eliminate the privacy and freedom associated with cash transactions, resulting in a centralized currency similar to China’s model and enhancing governmental control over people’s life.&nbsp;</p> 
<p>Davidson also encouraged his colleagues in the legislature to communicate with their state counterparts to prevent the normalization of CBDCs.&nbsp;</p> 
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 <div class="wp-block-embed__wrapper"> <iframe title="The Threat of a Central Digital Currency | Guest: Rep. Warren Davidson | Ep 218" width="1020" height="574" src="https://www.youtube.com/embed/iXAFMgipJ6M?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe> 
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<p>As the events unfold, it remains to be seen how Congress will respond to Warren Davidson’s latest call for action and what implications it might have for the future of CBDCs and the broader cryptocurrency space.</p> 
<p> Read more: <a href="https://crypto.news/jinan-pioneers-chinese-cbdc-use-in-transportation-with-digital-yuan-bus-payments/" rel="noopener noreferrer nofollow"> Jinan pioneers Chinese CBDC use in transportation with digital yuan bus payments </a> </p>

US сongressman proposes to ban CBDC

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