Digital dollar will deprive Americans of financial confidentiality-Congress
2023.03.10 03:41
Digital dollar will deprive Americans of financial confidentiality-Congress
By Kristina Sobol
Budrigannews.com – Tom Emmer, a representative from the United States, is of the opinion that the introduction of programmable digital currency issued by the central bank of the country could deny American citizens their financial privacy.
Emmer explained in a speech he gave on March 9 at the Cato Institute, a libertarian think tank in Washington, D.C., that the programmable CBDC could be “easily weaponized” as a spy tool to “choke out politically unpopular activity,” among other things:
“The idea of the central bank digital currency as a government-controlled programmable money that can be easily weaponized into a surveillance tool has gained traction within the institutions of power in the United States as the federal government seeks to maintain and expand financial control to which it has grown accustomed,”
On February 22, the congressman from Minnesota made the CBDC Anti-Surveillance Act to stop the Digital Dollar Project from moving forward. Since the second version of its white paper came out in mid-January, a lot has changed in terms of how it would be used.
He continued, “Recent actions from the Biden Administration make it clear that they are willing to trade Americans’ right to financial privacy for the surveillance-style CBDC.” This is in addition to the fact that they are eager to create a digital currency.
The Blockchain Regulatory Certainty Act
The Securities Clarity Act
The Safe Harbor for Taxpayers with Forked Assets Act
The CBDC Anti-Surveillance State ActThe future of crypto in the US will be determined by Congress and the American People – not the Administrative State. pic.twitter.com/OQ0uwxjVxX
Because it “shifts economic power from centralized institutions back into the hands of the people,” Emmer suggested that the blockchain-enabled “ownership economy” poses a “threatening” threat to a number of Washington bureaucrats.
Even though the most recent Federal Reserve discussion paper stated that the CBDC would only be issued with “broad public and cross-governmental support,” Emmer and many others are concerned about the potential risks:
“It not only tracks data at the transaction level down to the individual user, but it also has the capability to program the CBDC to choke out activity that is politically unpopular.”
Additionally, Emmer argued that decentralized cryptocurrencies have the potential to restore a number of the “American values” that helped the United States become an economic powerhouse in the 20th century, such as privacy, individual sovereignty, and free markets.
He added that the United States is violating these values by even attempting to experiment with CBDCs:
“Nothing could be more hazardous than sticking to a made need to keep moving this way and at last fostering a CBDC that isn’t open, permissionless and private.”
More:
Fed Will Create a New unit to Regulate crypto
SWIFT Announces Successful Trials of Payments with digital Currencies of CBDC Bank
Cryptocurrencies have potentially transformative impact on financial system-Fed
