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Georgia panel favorably reports bill to bar state participation in Federal Reserve CBDC pilots
Summary
The Banks and Financial Institutions committee voted unanimously to favorably report House Bill 1053, a short measure directing that Georgia not participate in Federal Reserve central bank digital currency (CBDC) testing and that state agencies not accept payment in a CBDC; lawmakers and banking groups testified in support citing privacy and local-banking risks.
Representative Carter Barrett presented House Bill 1053 (LC500613) to the Banks and Financial Institutions committee, saying the short measure would "discourage the creation and implementation of a CBDC by the Fed" by directing that Georgia not participate in any pilot programs and that state agencies not accept payment in a Federal Reserve-issued digital currency.
Barrett described a central bank digital currency as "programmable, traceable, and trackable digital dollars" and warned it could replace dollars in bank accounts and wallets, erode privacy and…
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