Congressman Tom Emer (R-Minnesota) introduced the following bill: February 22 This is intended to prevent the US Federal Reserve from offering CBDCs to individual retail users.
Emmer wrote on Twitter:
“The digital equivalent of the dollar must uphold U.S. values of privacy, individual sovereignty, and competitiveness in the free market. Anything less opens the door to the development of dangerous surveillance tools.” “
While the bill is nominally intended to protect privacy, it could prevent the Federal Reserve from issuing central bank digital currencies (CBDCs) in the broader sense.
Emmer said the bill “prohibits the Fed from issuing CBDCs directly to anyone.”upon January 12ththe statement on the shortened version of the bill more clearly declared that it was intended to prevent the Federal Reserve from issuing CBDCs “to individuals.”
Today’s bill expands on January’s version in two ways. It is now intended to prevent the Federal Reserve from using the CBDC to implement monetary policy and control the economy. It also seeks to require the Federal Reserve to make CBDC projects transparent through its meetings with the Reserve Bank and its quarterly reports.
Emmer said the bill was supported by at least nine other Republican lawmakers.
The bill’s partisan nature appears to be relevant to public opinion, with outright opposition to the CBDC becoming a right-wing issue of late.
Nonetheless, privacy issues are a concern for all politically inclined crypto users.Since CBDCs are issued and distributed in a centralized and authorized system, any CBDC will inevitably be It would give the U.S. government greater control over user funds and provide greater oversight than public blockchains like Bitcoin.
The US Federal Reserve has no clear plans to create a CBDC. The agency issued a report suggesting he needs an investigation in January 2022.Individual Reserve Banks, including the Bank of Boston new york I am currently working on that research.
A post by Rep. Tom Emer introducing the anti-CBDC bill first appeared on CryptoSlate.