WASHINGTON, D.C. — Today, FreedomWorks Foundation submitted a comment to the Federal Reserve opposing the creation of a Central Bank Digital Currency (CBDC). The comment, which was co-signed by 10,988 FreedomWorks activists, noted that while digital currency offers many benefits, it is essential to maintain a robust cash economy where consumers can enjoy the benefits of privacy.
Adam Brandon, FreedomWorks President, commented:
“Implementation of a CBDC by the Federal Reserve would fundamentally change the United States’ financial sector. 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. The United States must move our economy into the 21st century by embracing the rise of cryptocurrencies and other digital assets but cannot forsake consumer privacy in doing so. We must not follow countries like China down the path of digital authoritarianism but instead preserve a payment system that promotes consumer privacy and security.”