U.S. lawmakers today spoke about the benefits of a central bank digital currency (CBDC)—but conservatives also expressed concern over how it could t

US Lawmakers Want to Avoid Chinese-Like Surveillance With Digital Dollar

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2021-07-28 10:00:08

U.S. lawmakers today spoke about the benefits of a central bank digital currency (CBDC)—but conservatives also expressed concern over how it could turn the country into a Chinese-like surveillance state.

Politicians quizzed experts on how a so-called digital dollar in the States would work during a two-hour meeting held by the Subcommittee on National Security, International Development and Monetary Policy, on Tuesday morning.

A CBDC is a digital version of a fiat currency, such as the British pound or U.S. dollar, backed by a central bank and therefore controlled by the government. Countries around the world are in different stages of researching the technology.

Some nations, like China, are well ahead of the game and already have one pretty much developed. The U.S. is still researching the benefits of one and has said previously that it is in no rush to release one.

And during today’s meeting, titled “The promises and perils of central bank digital currencies,” that point was reiterated. “We must not rush the process,” said Rebulican Congressman Andy Barr (KY-06). “Getting it right is more important than getting it done fast.”