- Programmable CBDC could be used for spying on citizens, warns Representative Tom Emmer
- Emmer introduces CBDC Anti-Surveillance Act to stop Digital Dollar Project progress
- Decentralized cryptocurrencies could bring back values of privacy and individual sovereignty, says Emmer
Washington D.C. – In a speech delivered at the Cato Institute on March 9, Representative Tom Emmer expressed his concerns about the introduction of programmable central bank digital currency (CBDC) in the United States. Emmer argued that a programmable CBDC could be easily used as a tool for spying on citizens and preventing politically unpopular activities.
Emmer introduced the CBDC Anti-Surveillance Act on February 22 in an attempt to halt the progress of the Digital Dollar Project. The Digital Dollar Project has recently undergone changes in how it will be utilized, according to its updated white paper released in mid-January.
Emmer believes that the blockchain-enabled ownership economy poses a threat to many Washington bureaucrats, as it would transfer economic power from centralized institutions back to the people.
The Federal Reserve recently issued a discussion paper stating that it would only issue the CBDC if there were broad public and cross-government support. However, Emmer and many others remain concerned about the potential dangers that could follow.
Emmer believes that decentralized cryptocurrencies, on the other hand, could help fix the way the U.S. monetary system is managed and bring back values such as privacy, individual sovereignty, and free markets, which helped the country become an economic powerhouse in the 20th century.
As the debate around CBDC continues, Emmer’s views are likely to spark further discussion and debate among policymakers and citizens alike.
In other news, Michael Sonnenshein, CEO of Grayscale, expressed hope over the company’s ongoing legal struggle with the U.S. Securities and Exchange Commission (SEC). In actuality, Sonnenshein anticipates a positive court ruling by the fall of 2023.
