US lawmakers question private firms’ role in development of a CBDC

2022-12-2 14:47

U.S. lawmakers, including Tom Emmer and Patrick McHenry, wrote a joint letter to the Federal Reserve Bank of Boston regarding allegations that private firms involved in the design of the “hypothetical U.S. Central Bank Digital Currency (CBDC)” were gaining an unfair advantage.

The Dec. 1 letter claimed some of the private firms involved in the project might be using the partnership to research, develop and scale CBDC products that would later be sold to commercial banks.

According to the lawmakers, there is not enough transparency surrounding the roles of the private companies involved in the project.

Lawmakers seek clarity on partnerships

The lawmakers requested written responses to questions they believed would shed more light on the partnerships.

The legislators asked the Boston Fed to clarify the extent of their partnerships with these private firms and whether the financial agency would fund private sector startups interested in designing CBDCs.

Additionally, they asked whether the private firms involved in the project would have a regulatory advantage over their competitors and what the project was doing about the privacy concerns surrounding CBDCs.

The lawmakers wrote:

“It is important that the firms engaging with Project Hamilton do not receive an unfair competitive advantage over current or future competitors. Neither the federal government nor the Federal Reserve Banks should be in the business of picking winners and losers in the private markets.”

Emmer said:

(The) initiative between the Boston Fed and MIT to research the potential development of a U.S. CBDC & the private sector’s role must be transparent. No government body should be in the business of picking winners and losers in private industry.

The post US lawmakers question private firms’ role in development of a CBDC appeared first on CryptoSlate.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

United Bitcoin (UBTC) на Currencies.ru

$ 0.9661 (-0.95%)
Объем 24H $0
Изменеия 24h: 2.25 %, 7d: -8.21 %
Cегодня L: $0.9661 - H: $0.9661
Капитализация $0 Rank 8588
Цена в час новости $ 0.3415 (182.9%)

united states lawmakers bank cbdc private firms

united states → Результатов: 126


Facebook’s Diem Unveils Its Latest Stablecoin Plans and Strategic Move to the United States

Diem, the cryptocurrency project headed by Facebook originally known as Libra, recently announced its plans to launch a stablecoin with its focus scaled back to the United States.  The company stated earlier this year that it would be relocating its primary operations from Switzerland back to the United States, and would withdraw its payment system […]

2021-5-17 02:59


Фото:

How BAT Could Re Vamp Privacy Laws In The United States

Basic Attention Token, the native token to the Brave project and the token designed to fully incentivise the consumption of fair advertising. According to reports, the CEO of Brave, Brendan Eich has written to the US Senate Committee on Commerce, Science and Transportation in order to address some of the concerns he has regarding the current privacy laws in the United States.

2018-10-2 16:00


Bob Goodlatte, a U.S. Congressman, Publicly Declares his BCH Investment

A United States congressman Rep. Bob Goodlatte becomes the first lawmaker in the United States of America to announce investment in cryptocurrency.   The first of its kind which was a response to the publication of legal advisory by the United States office of government ethics on June 18, which require all government officials to […] The post Bob Goodlatte, a U.

2018-8-8 18:39


Фото:

Regulations Round-Up: SEC “Underwhelmed” by Exchanges’ Reporting, Quebec Halts New Mining Operations Again

In recent regulatory news, Brett Redfearn, the director of the United States Securities and Exchange Commission (SEC)’s Division of Trading and Markets, has described the self-reporting efforts of cryptocurrency exchanges as “underwhelm[ing],” Hydro-Quebec has again suspended new applications from mining companies seeking to operate in the province, and the SEC has published a new page […] The post Regulations Round-Up: SEC “Underwhelmed” by Exchanges’ Reporting, Quebec Halts New Mining Operations Again appeared first on Bitcoin News.

2018-6-12 16:24