Congressman Emmer Calls for CBDC Ban to Fight Biden’s Alleged Surveillance Plan

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As a crypto investor with a strong belief in decentralized finance and privacy, I share Congressman Tom Emmer’s concerns about central bank digital currencies (CBDCs). Emmer’s speech to the House of Representatives hit home for me as someone who values individual sovereignty and the right to control my financial information.

Recently, Congressman Tom Emmer expressed vigorous dissent towards the Biden administration’s initiative for a central bank digital currency (CBDC). He raised concerns that such a currency might undermine American principles and infringe upon the privacy rights of citizens.

In my analysis during my speech before the House of Representatives, I expressed concerns over the Biden administration’s apparent eagerness to infringe upon Americans’ privacy in favor of a surveillance system reminiscent of those used by the Chinese Communist Party. This potential implementation could grant the federal government unprecedented access to citizens’ financial transaction data.

Instead of “decentralized digital assets like Bitcoin,” you could say “digital currencies that operate on a decentralized system, such as Bitcoin.” And instead of “a digital form of sovereign currency designed, issued, and monitored by the federal government,” you could say “a central bank digital currency (CBDC) is an electronic version of a country’s traditional currency, which is overseen and regulated by the central government.”

An Anti-American Approach

As a crypto investor looking back over the past five years, I’ve noticed a noteworthy surge in central banks worldwide considering the issuance of Central Bank Digital Currencies (CBDCs). Based on recent research by the Atlantic Council, as of March 2024, an impressive number of 134 countries are investigating CBDCs, with an astounding 38 ongoing pilot projects.

Emmer raised concerns based on recent examples such as China’s actions, wherein governments have utilized financial systems to target their own citizens. Fearing a similar “anti-American” development, Emmer warns that the adoption of Central Bank Digital Currencies (CBDCs) in the United States could potentially lead to such an outcome.

“It’s simplistic to think that your government won’t use its resources to monitor and manipulate you. That’s likely why the Biden administration has prioritized CBDC research and development through an executive order,” he explains.

Federal Reserve’s Direct Control

Significantly, the Federal Reserve acknowledges that a large portion of Americans’ funds are now held in digital formats such as bank accounts, payment services, and electronic transactions. However, a Central Bank Digital Currency (CBDC) would represent a liability for the Fed instead. As stated by Emmer, this could grant the Fed enhanced authority over individuals’ financial dealings. In a document shared with his office, the Federal Reserve has identified CBDCs as a significant responsibility.

Although definite arrangements for issuing a US Central Bank Digital Currency (CBDC) in the year 2024 have yet to be announced, various legislative bills and suggestions have been put forth to control or manage the creation process instead.

In the winter month of February 2023, Emmer proposed the CBDC Anti-Surveillance State Act in the US Congress. This legislative initiative has gained notable backing from an impressive 165 Republican conference members. The objective of this bill is to preserve Congress’s control over digital currency policy within the United States. According to Emmer, this legislation is crucial for maintaining congressional oversight in the development and implementation of Central Bank Digital Currencies (CBDCs).

“Under this legislation, the power to shape the US digital currency policy remains with Congress rather than the administration. This approach upholds our national values of privacy, personal autonomy, and a competitive free market.”

As a crypto investor, I’d put it this way: When it comes to central bank digital currencies (CBDCs), ensuring consumer privacy is essential, but so is preventing illicit activities. Emmer emphasizes that striking a balance between these two aspects is key.

In the ongoing discourse regarding Central Bank Digital Currencies (CBDCs), Emmer’s remarks underscore the importance of meticulously weighing privacy concerns and individual liberties in their implementation.

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2024-05-23 14:33