Members of the Republican Party in the U.S. State of Idaho have declared a stance in favour of Bitcoin and against the establishment of Central Bank Digital Currencies (CBDCs).
As per a social media post by Niklas Klienworth, policy director of Idaho Reform Foundation, the party has put forth a policy proposal titled ‘Sound Currency.’ The proposal, championed by Colton Bennett, a Republican Candidate for the State’s House of Representatives, argues that decentralized digital currencies like Bitcoin present a viable alternative to traditional fiat currencies, which are susceptible to inflation and other economic vulnerabilities. The proposal particularly underscores Bitcoin as a hedge against inflation and a pathway to greater financial autonomy for individuals.
The proposal also criticized the Federal Reserve Bank for failing to maintain a stable U.S. dollar and called for its abolition. It suggested restoring the power of currency issuance to the people, advocating for the U.S. dollar to be backed by gold, silver, or other tangible assets.
The policy proposal also opposes the issuance of Central Bank Digital Currencies (CBDCs) in the U.S., arguing that they could lead to excessive regulation and undermining financial freedom.
Notably, this move by the Idaho Republicans is an important development in the ongoing discourse surrounding digital currencies, especially CBDCs, in the United States.
They echo Congressman Warren Davidson’s stance. Davidson is a vocal critic of CBDCs who views them as a potential threat to financial autonomy and Western civilization. Davidson recently argued that CBDCs could transform money into a tool for government coercion and control and likened the Federal Reserve’s efforts on CBDCs to building a “financial Death Star.”
Meanwhile, Federal Reserve Chair Jerome Powell has noted that while a U.S. CBDC could improve the payment system, the country is not “remotely close” to launching one anytime soon.
On the other hand, many countries and regions around the world have begun to explore CBDCs. While some have rejected the idea, others, like China, have made significant advances with the new financial technology.
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