Republicans Could Hold Up Housing Bill Over CBDC Ban
Republican representatives are threatening to block a bipartisan housing bill unless a proposed ban on a Central Bank Digital Currency (CBDC) is made permanent.Summary
A group of Republican members of the US House of Representatives sent a letter demanding that a provision banning a Central Bank Digital Currency (CBDC) in the Senate's 21st Century ROAD to Housing Act be made permanent, rather than sunsetting in 2030, and that it also block the Fed from studying a CBDC. They threatened to ensure the housing bill is "dead-on arrival" if their demands are not met before it reaches the House. Republicans cite concerns over financial privacy and surveillance powers as their reason for the ban, even as global economic centers develop digital currencies. This move links a relatively niche monetary issue to a bipartisan housing affordability bill aimed at easing supply shortages and high housing costs, which are currently at record highs relative to median household income. Democrats and the administration support the housing bill, which includes measures like expedited environmental reviews, but are less skeptical of CBDCs, viewing them as a way to maintain the dollar's global standing against alternatives like China's digital currency.
(Source：Cointelegraph)