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Fed faces backlash against CBDC

By Yugocean | Crypto Champion | 23 Mar 2023


The US Fed is trying hard to launch the CBDC (digital dollar). However, there is a hurdle here. Politicians are divided on the issues for various reasons, but most importantly, it is just the CBDC issue.



The UCC Matter

The state needs to amend the term "money" in the UCC (Uniform Commercial Code) to enable the CBDC. However, some political tycoons are against it, for examples - South Dakota Governor Kristi Noem vetoed a UCC amendment bill. Congressman Warren Davidson, wrote a letter objecting to any amendment to the UCC.

 



Anti-CBDC Politics

Many politicians are against CBDC; they are now showing their stand, citing privacy and control, for example. Recently, Florida Governor Ron DeSantis introduced legislation against CBDC, and Senator Ted Cruz has introduced a bill against CBDC.

 


State token problem

The USA is a federation of states; every state is free to take its own decisions without federal interference. Wyoming is showing its own strength, where the assembly passed a law to create the state's own token instead of any type of central bank digital currency.

 

 

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Yugocean
Yugocean

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Crypto Champion
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