FreedomWorks Opposes Federal Reserve Creating US Digital Currency

The Federal Reserve shouldn’t pursue a central bank digital currency (CBDC) due to the privacy risks associated with moving away from a “robust cash economy,” FreedomWorks Foundation commented Friday (see 2203100001). “Implementation of a CBDC by the Federal Reserve would fundamentally change the United States' financial sector,” said President Adam Brandon. “Creating a CBDC that does not enjoy the same anonymity benefits of cash will open the door for large-scale abuses and should not be implemented in any way.”