What a GOP bill banning central digital currency means for consumer banking

> A proposed GOP ban on a central bank digital currency (CBDC) could pump the brakes on grand visions to reshape electronic payment access around **the Federal Reserve.**

> Republican lawmakers pushed the ban through the House on Thursday over concerns the government could use a CBDC to **surveil Americans’ financial transactions.** The banking industry has also lobbied against the currency, arguing the public already has sufficient access to easily usable and safe digital money.

> In 2024, a financial technology company called Synapse collapsed and left customers **unable to access** some $265 million in deposits. In 2022, the Federal Reserve issued a study of CBDCs that outlined their risks and benefits. A CBDC, backed with the full faith and credit of the U.S. government, would be **the safest possible digital asset.** The Fed paper said that a CBDC could make cross-border payments easier and potentially improve access to banking for low-income households.

> A more ambitious version of a CBDC could allow Americans to hold digital dollars at a bank account with the Fed, enabling them to make digital payments without an account at a traditional bank. That could, as the Fed paper noted, “fundamentally change the structure of the U.S. financial system, **altering the roles and responsibilities of the private sector and the central bank.**” A government-backed digital dollar — especially one that could bear interest — could also **drive consumers away from traditional commercial bank accounts.**

> Fed Chair Jerome Powell said in February that the bank would not develop a CBDC under his tenure. His term expires in May 2026.

Idk about you guys? But the Stable Act is **EXACTLY** how I figure a government like the United States would go about taking control of the cryptocurrency markets with a CBDC, while telling everyone it isn’t? 

They already have a habit of misleading, lying about it, and acting like something is what it isn’t? 

A USD stablecoin that the United States has reigning control over, authorizes who is allowed to create a new stablecoin, and a governing body creating to enforce the rules? Sounds like CBDC to me.

Cryptocurrencies are largely about freedom and decentralization. There’s nothing decentralized about the US Government taking the USD digital and enforcing control of its use in the digital markets, while existing USD cryptocurrencies already exist! 

A step back from getting to a centualized ledger to have eyes on the needs of the many and spot economic collapses. We are stuck in the capitalist nightmare lands till this is repealed or another technology found.