U.S. Congressman Tom Emmer, along with backing from 49 Republican lawmakers, has reintroduced the CBDC Anti-Surveillance State Act.
This legislation aims to thwart the introduction of a retail central bank digital currency (CBDC) that, according to Congressman Emmer, could encroach upon the financial privacy rights of Americans.
Initially introduced by Congressman Emmer in January 2022, the bill has gained support from a diverse group of Republican colleagues, including Representatives French Hill (R-AR), Warren Davidson (R-OH), Byron Donalds (R-FL), Pete Sessions (R-TX), Young Kim (R-CA), among others.
The primary goal of this legislation is to prevent the central bank from using a CBDC as a tool for implementing monetary policy, which could potentially compromise individuals’ financial privacy.
U.S. Congress Members Contend that the Digital Dollar Poses a Risk of Becoming a Surveillance Instrument.
In recent months, apprehensions have grown regarding the possible drawbacks linked to CBDCs.
Congressman Emmer, commenting on this issue, underscored the significance of guaranteeing that any government-backed digital currency upholds the principles of privacy, individual autonomy, and fair-market competitiveness.
He pointed out that a CBDC, unless structured to replicate the privacy of physical cash, could transform into a surveillance apparatus akin to authoritarian regimes, suppressing dissent and jeopardizing the American way of life.
In line with these apprehensions, U.S. presidential candidate Robert F. Kennedy Jr. issued a warning about CBDCs, highlighting their potential to provide the government with unprecedented control over individuals’ financial access.
Kennedy contended that the simplicity with which access to funds could be manipulated with a mere keystroke represents a substantial threat to financial autonomy.
The Anti-CBDC Act Advocates for Digital Privacy
The CBDC Anti-Surveillance State Act also seeks to limit the influence of unelected officials in Washington, D.C., who might advocate for a CBDC without adequate safeguards for privacy and individual freedoms.
Congressman Emmer emphasized the paramount importance of preserving financial privacy amid the growing interest in digital currencies.
The reintroduced anti-CBDC bill underscores the necessity for a CBDC that upholds the principles of privacy, individual autonomy, and the competitive dynamics of the free market. With its bipartisan backing, the bill is poised for review by the House Financial Services Committee in the upcoming weeks.
The United States is not the sole participant in the development of a CBDC. Approximately 130 countries are actively contemplating the creation of digital versions of their currencies, while 11 nations, including China, have already successfully implemented CBDCs.
