CBDC Surveillance Concerns Spark Legislative Action
The Central Bank Digital Currency (CBDC) Anti-Surveillance State Act, which was introduced by Congressman Tom Emmer, symbolizes an increasing level of worry within the political landscape of the United States of America over the possible dangers that may be posed by a digital currency that is issued by the government. The passage of this legislation highlights the need of having a conversation about the future of money in the digital era, as well as the implications of government monitoring and financial privacy.
The CBDC Anti-monitoring State Act, which was reintroduced by Tom Emmer, also known as the Majority Whip, is aimed at addressing the potential for increasing federal monitoring and control that may be enabled by a digital currency that is issued centrally. A central bank digital currency (CBDC) would be a government-issued digital currency that would operate on a digital ledger that is controlled by the government, in contrast to decentralized cryptocurrencies such as Bitcoin. This central supervision raises worries about the possibility of carrying out monitoring on transactions and restricting the freedoms that individuals have in their financial lives. The fact that Emmer is going to reintroduce the law in 2023, after having proposed it for the first time in January 2022, highlights the critical nature of these issues in light of the rapidly changing digital financial sector.
The primary purpose of the CBDC Anti-Surveillance State Act is to prohibit the Federal Reserve from issuing a CBDC directly to people. If this were to occur, the Fed would be transformed into a retail bank that would have access to personal financial data. In addition, the law intends to prevent the Federal Reserve from using a CBDC in
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