Emmer's bill to limit CBDC surveillance gains support, focusing on privacy rights over government control in digital currency use.
Congressman Tom Emmer's bill to prevent surveillance through a central bank digital currency (CBDC) has attracted 75 cosponsors. Introduced in January 2022 and reintroduced in September 2023, the bill focuses on protecting Americans' financial privacy.
Emmer emphasizes the need to ensure a United States CBDC does not lead to government surveillance of transactions. The bill limits the Federal Reserve's power, preventing it from offering services directly to individuals or using CBDCs for monetary policy.
Emmer highlights the difference between decentralized cryptocurrencies and government-controlled CBDCs. He expresses concerns over a government-controlled currency, which could monitor and restrict financial activities.
The House Financial Services Committee passed the bill onSeptember 20, 2023, showing significant legislative progress.
The bill's progress reflects increased awareness of the potential impact of CBDCs on privacy. Critics worry about the trade-off between efficiency and increased government control.
The bill aims to balance technological advancement with the protection of individual rights, focusing on limiting the Federal Reserve’s use of CBDCs for monetary policy. The ongoing debate centers on the role of government-controlled digital currencies in finance and privacy rights.
