Tom Emmer protested the launch of a central bank digital currency (CBDC) during a speech in the House of Representatives. According to the congressman, with the help of the digital dollar, federal authorities will be able to access information about citizens’ financial transactions. Emmer called CBDC a “surveillance tool” that would help officials track private payments while violating privacy.
“Unlike decentralized digital assets like Bitcoin, CBDCs are a digital form of sovereign currency that is developed, issued and controlled by the federal government. It is naive to think that the government will not weaponize tools to control you if it already has them. This may be why the Biden administration has issued an executive order emphasizing the urgency of CBDC-related research and development,” the Republican lawmaker declared.
The congressman cited China as an example, calling the digital yuan a financial system directed against citizens. Earlier, Mu Changchun, chairman of the Digital Currency Research Institute at the People's Bank of China (PBOC), said that the digital yuan is designed to help combat financial crimes and money laundering, so it cannot be completely anonymous. Emmer is confident that with the help of the digital yuan, the Chinese government is able to spy on its citizens, and if a digital dollar is launched in the United States, the same awaits the Americans.
The digital dollar could become a liability for the US Federal Reserve as the central bank takes over the role of commercial banks and gains direct control over private finances. The congressman insists: the Fed already considers the development of CBDC one of its key responsibilities.
At the beginning of 2022, Tom Emmer introduced a bill prohibiting the Federal Reserve from launching a digital dollar directly for individuals, citing the threat of collecting personal data from users.
Source: Bits
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