Congressman Tom Emmer is leading the reintroduction of a bill that aims to prevent the Federal Reserve from creating a digital dollar.
Emmer says on the social media platform X that if it isn’t designed to emulate cash, then a central bank digital currency (CBDC) would dismantle Americans’ right to financial privacy while also emboldening the “Administrative State.”
The majority whip says that the new bill attempts to prohibit the Fed from issuing a retail CBDC “while protecting innovation and any future development of true digital cash.”
“This bill puts a check on unelected bureaucrats and ensures the US digital currency policy upholds our American values of privacy, individual sovereignty, and free-market competitiveness…
The administration has made it clear: President Biden is willing to compromise the American people’s right to financial privacy for a surveillance-style CBDC.
I don’t believe in compromising Americans’ rights.
Bottom Line: If not open, permissionless, and private – like cash – a CBDC is nothing more than a CCP (Chinese Communist Party)-style surveillance tool that can be weaponized to oppress the American way of life.”
While official, concrete plans for a CBDC haven’t been released by the US government, opposition has already formed.
Last month, Ohio Republican Warren Davidson said that CBDCs pose an existential threat to Western Civilization, and was committed to fighting against them.
Davidson says that he wants to prohibit CBDCs because they threaten other digital assets like Bitcoin (BTC), and impede the development of beneficial financial technology.
“Central bank digital currency (CBDC) poses a serious threat to all digital assets. As I said at Flyover FinTech, many people wrongly conflate even BTC with CBDC.
At least most agree that CBDC is evil – the financial equivalent of the Death Star.
Don’t become an accomplice to anyone designing, building, testing, developing, or establishing CBDC. Banning CBDC is essential to America’s FinTech future.”
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