Republican Lawmakers Reintroduce CBDC Anti-Surveillance State Act to Block Digital Dollar
U.S. Congressman Tom Emmer, with the support of 49 Republican lawmakers, reintroduced the CBDC Anti-Surveillance State Act.
This legislation seeks to block the issuance of a retail central bank digital currency (CBDC) that could undermine Americans' right to financial privacy, as per the US congressman.
The bill, initially introduced by Congressman Emmer in January 2022, has garnered support from various Republican colleagues, including Representatives French Hill (R-AR), Warren Davidson (R-OH), Byron Donalds (R-FL), Pete Sessions (R-TX), Young Kim (R-CA), and many others.
Its primary objective is to prevent the central bank from utilizing a CBDC to implement monetary policy and, in doing so, potentially compromise individual financial privacy.
US Congressmen Argue Digital Dollar Could Become a Surveillance Tool
In recent months, concerns have arisen over the potential risks associated with CBDCs.
Congressman Emmer, speaking on the matter, emphasized the importance of ensuring that any government digital currency respects the principles of privacy, individual sovereignty, and free-market competitiveness.
He noted that a CBDC, if not designed to emulate cash, could become a surveillance tool reminiscent of authoritarian regimes, stifling dissent and compromising Americans' way of life.
Echoing these concerns, U.S. presidential candidate Robert F. Kennedy Jr. cautioned against CBDCs, citing their potential to grant the government unprecedented power over individuals' access to funds.
Kennedy argued that the ease with which access to funds could be controlled with a simple keystroke poses a significant threat to financial freedom.
Anti-CBDC Act Pushes for Digital Privacy
The CBDC Anti-Surveillance State Act also aims to curb the influence of unelected bureaucrats in Washington, D.C., who might push for a CBDC without adequate safeguards for privacy and individual liberties.
Congressman Emmer stressed the importance of maintaining financial privacy in the face of growing interest in digital currencies.
The reintroduced anti CBDC bill underscores the need for a CBDC that respects the principles of privacy, individual choice, and the competitive nature of the free market. With its bipartisan support, the bill is set to be considered by the House Financial Services Committee in the coming weeks.
The United States is not alone in developing a CBDC. Approximately 130 countries are actively considering the development of digital versions of their currencies, while 11 nations, including China, have successfully implemented CBDCs.