While anti-CBDC legislation is nothing new, Mooney’s bill attempts to close the pilot program 'loophole.'
Kraken Exchange chief legal officer Marco Santori and FOX Business' Charlie Gasparino discuss Washington being torn over cryptocurrency and digital asset regulation.
The move would stop the development of a CBDC in its tracks, people inside Mooney’s office tell FOX Business. Critics of CBDCs are voicing concerns about increased government surveillance and the intrusion of privacy if the Federal Reserve decides toIf money becomes completely digital and is issued and controlled solely by the government, then, critics say, a CBDC would give federal officials control over the money flowing in and out of people’s accounts and a window into sensitive financial data.
"Under the guise of a rapidly expanding pilot program, Chinese citizens will soon no longer have the choice of whether or not to use the digital yuan," Mooney said in a statement to FOX Business. "Once it is fully implemented, it would allow Chinese officials to surveil and manipulate the financial activity of not only its citizens but also any foreign individual or firm that does business with China. CBDCs are not about innovation—they are about control.
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