US Lawmaker Criticizes Fed's 'Orwellian' Payment System Plan
US lawmaker Rep. Warren Davidson has criticized the Federal Reserve for exploring the possibility of creating a central bank digital currency (CBDC), which he compares to building an "Orwellian style payment system." Davidson argues that a CBDC would give the central bank authoritarian powers to control and manipulate Americans' money. While the Fed sees potential benefits in a CBDC, such as faster and cheaper payments, critics raise concerns about privacy, government surveillance, and restrictions on the use of money. Davidson calls on Congress to ban and criminalize any efforts to develop a CBDC.
