Rep. Warren Davidson (R-Ohio) amplified his stance on Central Bank Digital Currencies on Tuesday, calling them a fundamental threat to the very foundation of Western society.
What Happened: The House Financial Committee took his concerns on board, approving a bill to prohibit such currencies. “Central Bank Digital Currency (CBDC) is an existential threat to western civilization,” said Davidson, asserting the necessity for the full House to debate and subsequently adopt the legislation to ban CBDCs effectively.
"We also have an amendment to appropriations that bans all federal funds from being used to design, develop, or establish a CBDC. This restriction needs to survive final passage," he added.
In December, Davidson vocally opposed CBDCs on the congressional floor, pinning them as a dire threat and misdirection of the fundamental concept of money. He went on to describe CBDCs as “evil,” likening them to the “financial equivalent of the Death Star.”
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Why It Matters: Former President Donald Trump, currently vying for another term, spoke against CBDCs during a New Hampshire rally in January.
Trump said, “As your president, I will never allow the creation of a Central Bank Digital Currency,” vowed Trump, painting a dire picture of governmental overreach into personal finances.
Photo Courtesy: Rokas Tenys On Shutterstock.com
Price Action: At the time of writing, Ethereum (CRYPTO: ETH) was trading at $3,006.63, up 2.73% over the past 24 hours, as reported by Benzinga Pro.
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