Central Bank Digital Currency (CBDC) Projects Are Foundering in Five-Eye Nations. What Gives?
134 countries representing 98% of global GDP are in the process of exploring a CBDC and 66 of those countries are in the advanced stage of exploration—development, pilot, or launch. But the US could soon become the first country to explicitly ban the central bank from issuing a CBDC. In May, the US House of Representatives passed HR 5403, also known as the “CBDC Anti-Surveillance State Act.” The bill proposes prohibiting the US Federal Reserve from issuing CBDCs. It also seeks to protect the right to financial privacy and prevent the US government from “weaponizing their financial system against their own citizens.” To become law, the bill still needs to clear the Senate, which is unlikely. President elect Donald Trump appears to be on board with US dollar-backed stable coins like Tether, Circle, Stripe and Paypal, which will be just as programmable and surveillable as CBDC. He rejects direct digital currency issuance by the Federal Reserve, but does not reject surveillable, programmable money. Digital money can be frozen and seized.
Canada and Australia are among the countries that have decided, or at least claim to have decided, not to issue a “retail” CBDC — i.e., one meant for use by members of the public.
All five of the BRICS founding nations, Brazil, Russia, India, China and South Africa, as well as the EU, Turkey and Iran, are aggressively pursuing retail CBDC.
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https://needtoknow.news/2024/11/central-bank-digital-currency-cbdc-projects-are-foundering-in-five-eye-nations-what-gives/
https://www.nakedcapitalism.com/2024/10/central-bank-digital-currency-cbdc-projects-are-foundering-in-all-five-eye-nations.html