Tom Emmer (a Congressman) introduced a bill today prohibiting the Fed from issuing a Central Bank Digital Currency (CBDC) directly to individuals and the reasons he gave were (& are) very valid.

"As other countries, like China, develop CBDCs that fundamentally omit the benefits and protections of cash, it is more important than ever to ensure the United States’ digital currency policy protects financial privacy, maintains the dollar’s dominance, and cultivates innovation."

His main argument could be boiled down into 2 contentious issues that would arise if the Fed would spearhead the creation of a CBDC:

1. Single point of failure and the cost of failure would be compromise of data of millions of users using the digital currency
2. Authoritarianism that would ensue following the release of CBDC by making the audit trails of CBDC holders very apparent to the Fed

He concludes his view with-

"Simply put, we must prioritize blockchain technology with American characteristics, rather than mimic China’s digital authoritarianism out of fear. "

This is such a great news that a congressman (a representative) is actually speaking for the citizens that he's supposed to represent and not parroting the same old dialogues which the authorities in the central government are used to parroting.

Link- To the thread.