Concern Over Central Bank Digital Currency (CBDC) in the Montana

We had a caller on the radio show last week, Gary in Billings, who raised concerns about digital currency being forced on Americans- especially in light of the social media censorship that has taken place between the federal government and social media giants like Facebook and Twitter.

If the federal government could basically force Big Tech to shut down your social media accounts, how easily could big government basically shut down your bank account too?

Following Gary's call, a couple other callers raised concern about a Central Bank Digital Currency (CBDC) being pushed in Montana. South Dakota Gov. Kristi Noem (R-SD) and Florida Gov. Ron DeSantis (R-FL) have both weighed in against empowering a CBDC in their states.

Florida Gov. DeSantis, in a recent tweet, had this to say about a CBDC:

The movement to establish a central bank digital currency is an attempt to surveil & control the finances of Americans. It would violate privacy, limit consumer choice & undermine market competitiveness. CBDC has no place in FL & we are proud to lead the fight against it.

Does SB 370 force a Central Bank Digital Currency on Montana?

That's a question a couple callers raised. SB 370 is a bill that already passed the State Senate and is now being heard in the House.

Former State Senate Majority Leader Jeff Essmann (R-Billings) says "Yes. People need to contact their House representatives and urge them to oppose the bill unless CBDC is removed."

I also reached out to Kyle Schmauch, he is the communications aide to the State Senate Majority leadership.

Schmauch says that all of the concern about CBDC is coming from the definition of "money" on page 5 of the bill. He added that Senate Majority Leader Steve Fitzpatrick (R-Great Falls) and the people involved in updating the Uniform Commercial Code aren't intending for the bill do anything on CBDC, and don't think it does as currently written, but Fitzpatrick is looking into changing or removing that part of the bill to clear up the concern.

We will keep you posted on what we hear. Have another take? Shoot me a note aaron (at) montanatalks.com