December 4, 2023

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US Congressman Tom Emmer is a well-known personality in the DeFi circles. He has presented a new bill in Congress that seeks to bar Federal Reserve from launching a new Central Bank Digital Currency or CBDC.

The Congressman is seeking an injunction against the Central Bank on grounds of this bill dubbed the CBDC Anti-Surveillance State Act.

This Act grants the right to US citizens to maintain their financial privacy. Emmer shared the snapshots of this bill on his Twitter account. Concerns about the complete dismissal of financial privacy on account of the introduction of CBDCs have been around for a while among US Citizens.

It is worth noting that the Internal Revenue Service or IRA already mandates all banks in US territory to report every transaction equal to or above $10K.

Violation of Privacy

Emmer have commented on the matter recently exclaiming that a new digital version of USD should ensure the right to privacy for every US citizen. He maintained that the American values of the free market, individual rights, free market, and freedom of expression should not be compromised.

He claimed that in its current form, CBDC should be seen as a dangerous surveillance weapon. The bill not only attempts to ban the Federal Reserve from releasing CBDC but also prevents the introduction of new monetary policy favoring CBDC adoption.

He further noted that Federal Reserve should disclose more information about the CBDC project with Congress about the pilots.

Despite expressing these concerns in the CBDC bill Congressman Emmer has informed us that the bill is not anti-innovation. He maintained that the bill has taken the position of the USA as a technology leader in the field of blockchain innovations.

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He postulated that the country has flourished by allowing technologies that are aligned with American values.

During his recent addresses, Fed Chair Jerome Powell informed the citizens that CBDC, or the digital dollar will strengthen the position of the USD as an international currency of exchange. The country is trying to bridge the increasing influence of China in the international markets and avoid getting dethroned by the digital CNY project that made its debut in Winter Olympics.

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