Cherokee County Republican Coalition, Inc. supports House Bill 1053, introduced by Representatives Barrett (District 24), Williams (District 148), Persinger (District 119), Clark (District 100), Kelley (District 16), and Chastain (District 7), seeks to amend Title 50 of the Official Code of Georgia Annotated, related to state government. The legislation aims to prohibit governmental agencies within Georgia from using or testing central bank digital currency (CBDC) for payments. This bill emerges against a backdrop of growing interest in digital currencies and their potential implications for privacy, security, and the financial system.

Cherokee County Republican Coalition, Inc. recognizes several concerns regarding the potential adoption of CBDCs by the federal government, emphasizing significant privacy and security issues for individuals and businesses in Georgia. Among these concerns are the unprecedented control a CBDC could grant the federal government over individuals’ lives and the sovereignty of state governance. CBDC presents a threat to disrupt the traditional financial ecosystem, diminishing the roles of community banks and credit unions, which are pivotal to local economies.

We believe in promoting economic freedom, ensuring the privacy and financial security of Georgians, and preserving the foundational role of private commercial banking institutions in our state. Our support for this bill is based on the following pillars:

  • Privacy and Security: The adoption of a CBDC could pose risks to personal and financial data privacy for Georgians. By prohibiting the use of CBDCs by governmental agencies, we aim to safeguard the privacy rights and financial information of our citizens.


  • Economic Sovereignty: A CBDC represents a potential overreach of federal authority, potentially undermining state sovereignty and the autonomy of Georgia’s citizens in making financial decisions. We advocate for maintaining the state’s rights and the economic freedom of our residents.


  • Support for Local Financial Institutions: Community banks and credit unions play a critical role in Georgia’s economy, offering personalized financial services and supporting local communities. The introduction of a CBDC could disadvantage these institutions, leading to a loss of local economic resilience and community support.


  • Technological Neutrality and Innovation: While we recognize the importance of innovation in financial technologies, it is crucial that such advancements do not compromise individual freedoms or state sovereignty. We support a cautious and considered approach to new financial technologies, ensuring they align with our state’s values and interests.

By taking a stand against the adoption and testing of CBDCs by state agencies, Georgia reaffirms its commitment to safeguarding personal freedoms, supporting local economies, and maintaining sovereignty in the face of emerging digital financial technologies. We advocate for the passage of this bill to ensure that Georgia remains a state where economic liberty, privacy, and the role of traditional banking institutions are preserved for future generations.

For more detailed information on GA HB 1053 and its provisions, you can refer to the official legislative documents and summaries.