- Congressman Tom Emmer introduces the Central Bank Digital Currency Anti-surveillance State Act to curtail the FED’s CBDC plans.
- The Act emphasizes preserving financial privacy, individual sovereignty, and competitive market freedom.
Digital Sovereignty at Stake: Understanding the CBDC Debate
In a world rapidly inching towards digital monetary systems, the Central Bank Digital Currency (CBDC) remains at the epicenter of global economic debates. Now, taking a decisive step in this discourse, US Congressman Tom Emmer is unveiling legislation aimed at halting the Federal Reserve (FED) from birthing a CBDC.
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.
We’re not going to let that happen – not on House Republicans’ watch. pic.twitter.com/XVq6ySu0Xc
— Tom Emmer (@GOPMajorityWhip) September 13, 2023
Emmer’s proposed Central Bank Digital Currency Anti-surveillance State Act champions a noble cause: to ensure that any US digital currency policy stands steadfastly by the principles of
“privacy, individual sovereignty, and free market competitiveness.”
Simplifying for the uninitiated, a CBDC is akin to digital cash, backed by a country’s central bank. Emmer’s concern lies in the CBDC’s potential transformation into a surveillance apparatus, reminiscent of the practices observed in certain authoritative regimes.
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He asserts, echoing his earlier sentiments, that unless a CBDC emulates cash in its
“open, permissionless, and private”
nature, it risks devolving into a tool potent enough to destabilize the cherished American way of life.
A World Divided: The US’s CBDC Conundrum
As nations worldwide either dabble with or fully embrace the concept of CBDCs, the US stands in a faction of its own, characterized by divisive opinions and cautious optimism. Crypto, with its potential to democratize financial systems, finds itself in a tumultuous relationship with the country’s policymakers.
Deep-seated in Emmer’s apprehension is the potential erosion of Americans’ financial privacy. Unlike the tangible US Dollar, a CBDC could inadvertently offer authorities an unobstructed window into the financial lives of citizens, thereby wresting the future of crypto from the very populace it aims to empower. While it remains uncertain whether Emmer’s proposed bill will usher immediate change, it certainly amplifies the concerns around CBDC.
Michael Barr, holding the mantle of Vice Chair for Supervision at the Federal Reserve, threw a tentative timeline into the mix. He divulged that the US, despite its ongoing research into CBDCs, might not introduce such a digital currency anytime soon. The Central Bank’s commitment to understanding CBDCs is evident in its series of research papers, tech experiments, and pilot programs. Yet, the fruition of a US CBDC might remain on the horizon for an extended period.
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