U.S. Congressman Jim Himes has published a “white paper” which highlights the benefits of central bank digital currencies (CBDCs). The whitepaper does not hide it’s intentions, insinuating that CBDCs should be launched as a response to the popularity of Bitcoin and Tether.
Himes claimed in the whitepaper that “a U.S. CBDC would have advantages over privately issued stablecoins and crypto‐assets [Bitcoin and shitcoins], most notably the ability to be backed by the full faith and credit of the U.S. government.”
The Bank of International Settlement (BIS) has been posting similar statements recently. Agustin Carsten of the BIS, jokingly referred to as Bitcoins final boss, says that “the soul of money belongs neither to a big tech nor an anonymous ledger.”
CBDCs are simply fiat-backed currencies that are regulated by the government for it’s own ends. As currently advertised they do not offer the privacy nor hard money characteristics that Bitcoin does.
“The longer the United States government waits to embrace this innovation, the further we fall behind both foreign governments and the private sector. It is time for Congress to consider and move forward with legislation that would authorize a U.S. CBDC,” Himes added.
Dissenting Voices in Government
Not everyone shares the same views on CBDCs and Bitcoin as Himes. As per previous reports, Florida Governor Ron DeSantis wants the state to use Bitcoin in its tax system. DeSantis asked other governors to allow firms to pay taxes in Bitcoin.
Furthermore, DeSantis went as far as to criticize the conversion of the U.S. dollar into a CBDC while pointing out the benefits of having a decentralized currency. He believes that there are many “hazards” related to CBDCs.