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Republican Representative French Hill of Arkansas has joined the growing list of policymakers opposing the idea of a Central Bank Digital Currency (CBDC). The Congressman has proposed legislation prohibiting the Federal Reserve from issuing a digital currency without explicit Congressional authorization. 
In an exclusive interview with <a href="https://www.forbes.com/sites/digital-assets/2023/08/23/congressman-french-hill-sees-urgency-in-congress-to-pass-crypto-legislation/?sh=1d03bfb53a69" target="_blank" rel="noopener noreferrer nofollow">Forbes</a> on Aug. 23, Hill praised the Federal Reserve’s recent efforts to modernize the nation’s payment system through FedNow. However, he maintained that there should be a distinct separation between this system and the prospect of a CBDC. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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 I sat down with <a href="https://twitter.com/Steven_Ehrlich?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@Steven_Ehrlich</a> from <a href="https://twitter.com/ForbesCrypto?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@ForbesCrypto</a> to discuss all things <a href="https://twitter.com/hashtag/crypto?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#crypto</a>. Read more⬇️<a href="https://t.co/kdiTuIABnf" target="_blank" rel="noopener noreferrer nofollow">https://t.co/kdiTuIABnf</a>— French Hill (@RepFrenchHill) <a href="https://twitter.com/RepFrenchHill/status/1694417213313237351?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">August 23, 2023</a> 
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Despite his endorsement of FedNow, he is against the idea of the Fed introducing a CBDC for retail use saying he “don’t see the need for it in a developed market like the United States.” 
He further stressed the importance of private sector innovation around dollar-based stablecoins in determining the need and appetite for such payment technology. 
The congressman asserted that CBDC development should be within clear legal frameworks with express approval of “Article One law from Congress.” 
Hill emphasized the role of Congress in ensuring public confidence, especially regarding Fourth Amendment protections, stating that centralized digital currency concerns largely stem from misunderstandings and fears about the technology. 
He remarked that the best way to manage the development of a CBDC is to have Congress authorize its plans. In his view, this will be the only way for users to have some confidence in such digitized currencies. 
 You might also like: <a href="https://crypto.news/2050-cbdcs-ai-and-the-uncharted-path-ahead-opinion/" rel="noopener noreferrer nofollow"> 2050: CBDCs, AI, and the uncharted path ahead </a> 
<h2 class="wp-block-heading" id="growing-opposition-against-cbdc">Growing opposition against CBDC</h2> 
French Hill is not alone. 
In April, Federal Reserve Governor Michelle W. Bowman <a href="https://crypto.news/federal-reserve-official-says-cbdc-risks-outweigh-benefits/" data-type="post" data-id="14146528" rel="noopener noreferrer nofollow">said</a> CBDC risks outweighed its benefits. 
Republican congressman Warren Davidson also <a href="https://crypto.news/u-s-congressman-warren-davidson-bill-self-crypto/" data-type="post" data-id="14058848" rel="noopener noreferrer nofollow">made</a> headlines in July for his criticism on a digital dollar. Davidson labelled CBDCs as tools that “corrupt money into a tool for coercion and control.” 
His concerns mirror those of several of his Republican peers, particularly regarding the possible programmability of a centralized digital currency. 
With Hill’s recent legislative proposal, it is evident that the debate around <a href="https://crypto.news/2050-cbdcs-ai-and-the-uncharted-path-ahead-opinion/" rel="noopener noreferrer nofollow">CBDCs</a> in the United States continues to intensify. 
While proponents argue for the potential benefits and global competitiveness, skeptics raise concerns about privacy, security, and the implications for the broader financial system. 
As discussions move forward, it is clear that the role of Congress in shaping the nation’s digital currency future will be pivotal. 
 You might also like: <a href="https://crypto.news/australias-central-bank-releases-report-highlighting-cbdc-use-cases/" rel="noopener noreferrer nofollow"> Australia’s central bank releases report highlighting CBDC use cases </a>

Policymaker: US doesn’t need a retail CBDC

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