Can Republicans Stop the Rise of a Central Bank Digital Currency?
There’s a quiet movement behind a new idea for government technology gaining momentum in technocratic pockets of Washington, D.C.: a central bank digital currency, or CBDC. But some Republicans want to block this potentially authoritarian tool from ever becoming a reality.The idea of a CBDC sounds innocuous enough. It would simply be a “digital dollar” issued by the Federal Reserve, America’s central bank. Its supposed benefits include everything from saving trees to reducing administrative costs. But the downsides of a CBDC are potentially dystopian — which is why lawmakers such as Sen. Mike Lee (R‑UT) want to keep them confined to the realm of imagination.The Utah Republican just
the “No Central Bank Digital Currency Act,” which would prevent the Federal Reserve and Treasury Department from directly off …