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Subcommittee hears Cato expert warn CBDC could threaten financial privacy; panel recommends study, not passage
Summary
A House subcommittee heard testimony from a Cato Institute analyst who described central bank digital currency (CBDC) as a potential threat to financial privacy and recommended states limit agency participation; the subcommittee voted 2-0 to recommend House Bill 225 not be advanced and asked staff to study other states' approaches.
A House Commerce and Consumer Affairs subcommittee heard expert testimony that a U.S. central bank digital currency (CBDC) would centralize transaction processing and pose significant risks to financial privacy.
Nicholas Anthony, a policy analyst at the Cato Institute, testified remotely that "in short, it's a digital national currency that is a direct liability of a country's central bank" and warned that such centralization "would pose a fundamental threat to financial privacy, likely the…
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