A CBDC Dollar Would Empower the Fed, Not Americans

A growing number of Democratic and Republican policy makers support creating a central bank digital currency, or CBDC, that would further empower the Federal Reserve. Although the parties disagree on the particulars, their broad agreement on the idea creates a political opening for the Fed and the Biden administration to move ahead with a CBDC that will compromise Americans’ freedom.

Some lawmakers say a CBDC, which is a digital dollar issued by the Fed, could help stave off a debt crisis and preserve the dollar’s status as the world’s reserve currency. But it isn’t clear that a CBDC will do either. It is clear that one could be used to monitor and manage the use of the dollar.

Continue reading at the Wall Street Journal.