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US congressman compares digital dollar to Star Wars Death Star

Warren Davidson has accused the US Federal Reserve of creating the financial equivalent of the Death Star, a fictional Star Wars space station capable of destroying entire planets.

According to the congressman, government cryptocurrencies can turn money into an instrument of coercion and control. Therefore, Congress should immediately ban the digital dollar, as well as criminalize any action to design, create, develop, test and implement a CBDC, the politician believes.

Davidson's comments come in response to a post by the Fed's San Francisco division seeking a senior crypto engineer to work on the digital dollar project. Davidson noted that money should be a stable store of value, it should not be programmed by the Central Bank.

“In a sound financial system, peer-to-peer transactions should be encouraged, they don’t need anyone’s permission,” Davidson explained.

The regulator is actively exploring the potential of the digital dollar, but has not yet made a final decision on its launch. Now the digital dollar is one of the key topics for discussion ahead of the upcoming presidential election, which causes a lot of controversy among lawmakers.

In April, the congressman began working on a bill aimed at eliminating the position of chairman of the US Securities and Exchange Commission (SEC), accusing Gary Gensler of destructive actions against the crypto industry. Earlier, the congressman doubted reaching a consensus on the regulation of stablecoins.

Forex Award | World Forex Award | Forex
Forex Award | World Forex Award | Forex
Forex Award | World Forex Award | Forex
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