US Rep. Warren Davidson Criticizes CBDCs, Advocates Permissionless P2P Money Instead
The United States Republican Representative, Warren Davidson, has reiterated his stance against a government central bank digital currency (CBDC), claiming that they should be banned and criminalized.
In response to a job posting, from the San Francisco Federal Reserve Bank, for a “senior crypto architect” to work on a CBDC project, Davidson accused the Fed of “building the financial equivalent of the Death Star.”
He urged the government to ‘swiftly’ ban and criminalize any activity related to designing, building, developing, or testing CBDCs.
“Central Bank Digital Currency (CBDC) corrupts money into a tool for coercion & control.”
In a separate Tweet, Davidson noted that money shouldn’t be programmable by a central authority and advocated the use of permissionless peer-to-peer (P2P) transactions instead of CBDCs.
“Money should be a stable store of value and an efficient means of exchange, not a tool for surveillance, coercion, and control,” he noted.
The Congressman representing Ohio’s 8th District has been highly vocal against the development of CBDCs. In March, Davidson wrote a letter to Congress, urging his colleagues to fight back against CBDCs. He also noted that the government is favoring the use of state-owned CBDC in private transactions as money, which will impact the privacy and freedom of U.S. citizens in cash transactions.
Davidson had earlier introduced legislation to fire SEC Chair Gary Gensler in April, citing a “long series of abuses” as his motivation.
The Fed has been actively involved in researching a government-backed CBDC – digital dollar – which has stirred controversies in the country. However, it said that a CBDC wouldn’t be issued without authorization from Congress.
That said, like Davidson, a group of
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