A group of five senators in the United States is taking a stand against President Joe Biden’s plans to introduce a “digital dollar.” Senators Ted Cruz, Bill Hagerty, Rick Scott, Ted Budd, and Mike Braun have co-signed a bill called the CBDC Anti-Surveillance State Act, which aims to ban central bank digital currencies (CBDCs). The bill challenges the authority of the Federal Reserve to implement a CBDC and prohibits its use for monetary policy. In a separate development, the U.S. House Financial Services Committee has voted in favor of a resolution to overturn a guideline by the U.S. Securities and Exchange Commission (SEC) that has prevented banks from offering crypto custody services. The resolution aims to remove roadblocks preventing regulated banks from acting as custodians of digital assets. Meanwhile, SEC Commissioner Hester Peirce, also known as “Crypto Mom,” has expressed the need for less centralization and softer regulation in the United States. She believes that decentralization brings resilience and strength to the financial system. In Indonesia, the Commodity Futures Trading Regulatory Agency has requested a reassessment of the country’s cryptocurrency taxation. The agency wants to review the 0.11% value-added tax and 0.1% income tax on crypto transactions, as cryptocurrency is expected to become an integral part of Indonesia’s economy in the near future. In Nigeria, a government representative has denied reports of a $10 billion fine for crypto exchange Binance. The representative clarified that there is no final decision on the fine and that the reports were a result of misquotation. Finally, South Korea’s ruling People Power Party has indefinitely delayed its proposal to ease cryptocurrency restrictions, including lifting the ban on local spot Bitcoin ETFs. The party’s reversal of pledges may be due to challenges in aligning with the government and financial authorities on cryptocurrency policies.
Lawmakers in the United States oppose the introduction of a central bank digital currency while promoting the practice of banks safeguarding cryptocurrencies: Law Decoded.