US Congressman Tom Emmer has introduced a significant new bill aimed at preventing the Federal Reserve (Fed) from developing a Central Bank Digital Currency (CBDC).
Dubbed the “Central Bank Digital Currency Anti-surveillance State Act,” this proposed legislation seeks to establish a critical safeguard against unchecked bureaucratic power while emphasizing the values of privacy, individual sovereignty, and a competitive free market in the United States’ digital currency policy.
“If not open, permissionless, and private – like cash – a CBDC is nothing more than a CCP-style surveillance tool that can be weaponized to oppress the American way of life,” Emmer said.
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The Republican congressman from Minnesota warns that without these essential attributes, a CBDC could potentially transform into a surveillance tool akin to those employed by authoritarian regimes.
“We’re not going to let that happen – not on House Republicans’ watch,” he added.
While many nations across the globe have explored or implemented their own CBDCs, the United States has grappled with internal divisions regarding this concept and its broader implications for the cryptocurrency industry.
Emmer is deeply concerned that the creation of a CBDC could jeopardize Americans’ financial privacy rights. He criticizes what he perceives as an overreach by the administrative state, asserting that it seeks to wrest control of the future of cryptocurrency away from the hands of the people. The CBDC, if introduced, would provide unprecedented access to Americans’ financial data, a level of intrusion that traditional physical US dollars do not permit.
It remains uncertain whether the bill to prohibit the Federal Reserve from pursuing the development of a CBDC will take immediate effect.
Meanwhile, Michael Barr, the Federal Reserve’s Vice Chair for Supervision, has indicated that the United States might not be on the verge of launching a CBDC anytime soon. According to Barr, the Central Bank is far from making a final decision on whether to introduce a CBDC.
Nevertheless, it’s worth noting that the Federal Reserve has been actively engaged in CBDC research, conducting public studies, technology experiments, and limited pilot programs. Thus, while a US CBDC remains a possibility, its implementation may still be a considerable distance away.
Information for this briefing was found via Watcher.Guru and the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
