• Congressman Tom Emmer believes that the launch of a programmable Central Bank Digital Currency (CBDC) in the US could strip American citizens of their financial privacy.
• He introduced the CBDC Anti-Surveillance Act on February 22 to halt the progress of the Digital Dollar Project.
• Emmer stated that the CBDC could easily be weaponized as a surveillance tool and urged Congress and American people to take action.
Congressman Warns Against Programmable CBDC
Congressman Tom Emmer recently spoke out against launching a programmable Central Bank Digital Currency (CBDC) in the United States, stating that it could strip American citizens of their financial privacy. During his speech at the Cato Institute, a libertarian think tank in Washington D.C., he warned that this would enable government-controlled “programmable money” that can be used as an effective surveillance tool.
The CBDC Anti-Surveillance Act
In response to these concerns, Emmer proposed The CBDC Anti-Surveillance Act on February 22 2021 with other associated bills such as The Blockchain Regulatory Certainty Act and The Securities Clarity Act in order to halt any further progress on The Digital Dollar Project.
Digital Dollar Project Developments
Since then, there have been considerable developments in how this project would be used by the Biden Administration and therefore, according to Emmer, it is necessary for Congress and all American people to take action so their right to financial privacy is not compromised by this new digital currency system.
Emmer’s Call For Action
He stated that: “Recent actions from the Biden Administration make it clear that they are not only itching to create a digital dollar but they are willing to trade Americans’ right to financial privacy for the surveillance-style CBDC.” As such, he urges all parties involved to come together and protect citizens from potential threats posed by this technology if it were implemented into society without proper regulations and oversight measures in place first.
Conclusion
It remains unclear what will happen with regards to issuing a U.S.-based programmable central bank digital currency but one thing is certain: ever since its introduction last year, lawmakers like Rep. Tom Emmer have been actively trying their best keep citizens’ data safe while still allowing them access to modern advancements in technology such as cryptocurrencies.