House Republicans seek central bank digital currency opinion from Department of Justice

Top House Financial Services Committee Republican led a letter to Attorney General Merrick Garland, requesting the Justice Department’s assessment of whether legislation is needed for the U.S. to issue a central bank digital currency.

Republicans on the House Financial Services Committee requested the Department of Justice share its assessment of a potential central bank digital currency, the lawmakersSenior Republicans on the committee, Ranking Member Patrick McHenry, R-N.C., Rep. French Hill, R-Ark., and other senior members of the committee, sent a letter to Attorney General Merrick Garland asking for his view on whether legislation is necessary for a CBDC.

“We appreciate the efforts to examine the impact a U.S. Central Bank Digital Currency will have on the Federal Reserve and its monetary policy tools; potential risks to our existing payments system; private sector competition and innovation; and the impact on American’s privacy, civil liberties, and security,” the letter reads. “However, the appropriate place for the discussion on whether authorizing legislation is necessary is in the legislative branch.

Source: Digital Coin News (digitalcoinnews.net)

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