US Legislators Write Boston Bank; Demands Transparency On The CBDC Project
Following the news of the U.S. Central Bank Digital Currency (CBDC), wherein the plan and framework were dissected, information has emanated from the grapevine insinuating that the private firms working in partnership with the Federal Bank of Boston will enjoy special privileges.
Nine US legislators have sent a letter to the president of the bank, demanding to know the extent of the working relationship with the said private firms and seeking answers to a number of questions.
Each Private Firm Should Have A Leveled Ground
On the 1st of December 2022, a group of United States legislators, namely, Tom Emmer, Bill Huizenga, Ahn Wagner, French Hill, Warren Davidson, Ted Budd, Andy Barr, Anthony Gonzalez, and Patrick McHenry, jointly wrote and directed a letter to Susan Collin, the president of the Federal Reserve Bank of Boston.
Following the allegations that some private firms that are part of the CBDC project might be taking advantage of their involvement to create and grow CBDC products that will then be marketed to private banks, the senators wrote the letter demanding a detailed written response clarifying the situation.
The letter prompted five questions ranging from clarifications on which firms are involved in the project to asking whether the bank has any intention to fund private startups involved with the project.
The popular member of the congress, Tom Emmer, who took to his Twitter page to announce that the letter was sent out, stated that the research process of the project should be as transparent as possible and that all private firms should be given a level playing field.
Issues Regarding Financial Privacy Concerns
The fifth question asked in the letter revealed that a whopping 65% of the letters received in response to the announcement of the project were sceptical about the adoption of the CBDC.
Ranging from financial independence to freedom, concerns were raised in the letter to show their displeasure about the development. The senators went on to ask what the management in charge of the project intended to do about it.
The Central Bank Digital Currency (CBDC) is the newest rave in the traditional finance sector globally, and it appears that every country is struggling not to be left behind.
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