It was announced by US Congressman Tom Emmer that he has spearheaded and led an entire effort to investigate digital currency led by the Federal Reserve Bank of Boston.
Emmer and other members of Congress informed Susan Collins, president and CEO of the Federal Reserve Bank of Boston, in a letter about Hamilton, its first project to develop digital currency and a CBDC in collaboration with the Massachusetts Institute of Technology. expressed his concern.
It has come to the attention of Congress that some of the companies participating in this project are mandated to design CBDCs and have reasonable memory of using government resources and intend to sell and offer the products to commercial banks where they state are that any CBDC system must be open and private. According to him, if CBDCs do not figure out and take care of the values of transparency and do not play their main role in preparing it, then the privacy violations currently being displayed and this effort can be deceived where they insist that as much The more he learns about the working of the project the more concerned he becomes with the lack of transparency and especially as it pertains to his partnership with the private sector where some private companies who use privacy and free market principles for unfair advantage should be related to those who fail to ensure
According to them, this could reduce the risks of tree privacy and financial independence, along with the choice of private sector financing of this project, it is evident that the firms involved in the project do not have an unfair advantage from current or future competition and the environment. Don’t be too competitive. According to him, neither the federal government nor the Fed Bank should engage in the business of picking winners and losers in private markets. Where the decision should be taken keeping in mind the privacy and specific policy of the users.
In January, a piece of legislation was introduced by Emmer to prevent central digital bank currency from being issued directly to officials and individuals and it was important to note that the Fed has no authority to offer Kudra bank accounts and according to them There shouldn’t even be such a right, because earlier this month the Federal Reserve Bank of New York announced the first phase of its digital dollar experiment, codenamed Project Seedr, and a “proof-of-principle” to explore the feasibility of a theoretical payment system. “Concept Project” is pursuing a collaborative policy with nine major banks and is striving to provide the convenience of transactions and asset protection which is of utmost importance and cost-effective to the users.
