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Committee backs bill to bar Georgia participation in Federal Reserve CBDC tests
Summary
A state committee unanimously approved House Bill 1053, which would prevent Georgia agencies from participating in Federal Reserve central bank digital currency (CBDC) pilot programs or accepting CBDC payments. Supporters cited risks to community banks and individual privacy; multiple industry groups testified in favor.
Representative Barrett presented House Bill 1053 (LC500613), telling the Banking and Financial Institutions Committee that the measure would prevent Georgia from participating in Federal Reserve CBDC pilot programs and would bar state agencies from accepting payments in a federally issued central bank digital currency. "A CBDC would replace the dollars in your bank account and your wallet with programmable, traceable, and trackable digital dollars," he said, arguing the change would concentrate power in the Federal Reserve and undermine local banks and credit unions.
The bill drew support from banking and advocacy groups. Beau…
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