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Read. Follow. Verify.Hearing on the Future of Central Bank Digital Currencies
Record date · January 1, 2021
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What This Bill Does
The House Subcommittee on National Security, International Development and Monetary Policy held a on July 27, 2021, to examine the potential benefits and risks of Central Bank Digital Currencies (CBDCs). Experts and committee members discussed how technological shifts in payment systems might impact the U.S. economy and national security.
This hearing serves as a foundational legislative discussion on whether the U.S. should develop a government-backed digital currency, which could fundamentally change how citizens hold money and conduct financial transactions.
Who It Affects
Groups the bill's text affects, as described in the record. Being affected is not a position for or against it.
American Bankers Association
The organization submitted a written statement regarding the potential impact of CBDCs on the banking sector.
National Association of Convenience Stores
The organization submitted a written statement regarding the impact of digital payment systems on retail transactions.
Key Facts
- The hearing took place on July 27, 2021, in the Rayburn House Office Building.
- The session was conducted as a hybrid hearing, allowing for both in-person and virtual participation.
- The hearing focused on the 'promises and perils' of Central Bank Digital Currencies (CBDCs).
- Five expert witnesses provided testimony regarding the economic and security implications of CBDCs.
Show all 5 facts
- Written statements were submitted for the record by the American Bankers Association, the National Association of Convenience Stores, and Public Citizen.
Frequently Asked Questions
What is a Central Bank Digital Currency (CBDC)?
Why is Congress discussing digital currencies?
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News Coverage
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Votes, people, money & the original sourceFull breakdown
Who this bill affects and the strongest case for and against it, written only from the bill’s own text.
Discoveries
Patterns POLISCOPE noticed across the record. These are observations to investigate, not conclusions.
Early Congressional Interest in CBDCs
The hearing indicates that as early as July 2021, the House Financial Services Committee was actively investigating the transition from traditional cash to digital central bank alternatives.
Connected Entities
Sources
www.govinfo.gov
Analysis Score
0–100- Significance65How much this matters to a regular citizen
- Controversy40Intensity of disagreement among stakeholders
- Entertainment10Compellingness for a non-policy-wonk reader
- Buzz20Current news / social attention level
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