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The legislation would prohibit using a "digital currency tracker" to track an individual's purchases or location through the use by an individual of digital currency without a warrant or unless the individual consents to the tracking. The bill explicitly states that digital currency includes central bank digital currency (CBDC).
"We believe we are approaching an inflection point, where the promised potential of blockchain will be realized," analysts at Citigroup said in a recent report.
The failures of Silvergate Bank, Silicon Valley Bank, Signature Bank, and the current struggles of First Republic and Pacific West Bank have seen bank deposits flee to the perceived safety of large banks. To make matters worse for banks, rising interest rates and easily accessible higher yielding alternatives exist like money market funds (MMF) or US Treasury ETFs. These alternatives are now a few thumb taps and swipes away from depositors, making the near-zero rate of return on bank deposits much less attractive for many consumers and businesses. These issues, plus the new FedNow service whic...
Under the proposed law, businesses providing "basic needs, selling or offering for sale goods or services during regular business hours" would be prohibited from requiring payment by a central bank digital currency. It would also bar them from prohibiting the use of cash.
In an outstanding piece of political-theoretical writing, titled ‘The Threat of Big Other’ (with its play on George Orwell’s ‘Big Brother’) Shoshana Zuboff, succinctly addresses the main issues [...]