News

Congressman Emmer: ‘Ban CBDCs to Prevent Biden’s Surveillance Agenda’

In this post:

  • Congressman Tom Emmer warns that the Biden administration’s push for a CBDC could threaten American privacy and freedom.
  • Emmer argues that CBDCs differ from decentralized digital assets like Bitcoin, being controlled by the government.
  • He fears a CBDC could lead to government surveillance and suppression of political dissent.

Congressman Tom Emmer is sounding the alarm on the Biden administration’s push for a central bank digital currency (CBDC). He believes this could jeopardize American values and infringe on citizens’ privacy.

Emmer insists that the administration is itching to trade Americans’ right to privacy for a “CCP-style surveillance tool.” The Congressman worries that if a CBDC isn’t designed to be open, permissionless, and private, it could give the federal government access to individuals’ transaction data and the ability to suppress politically unpopular activities.

Emmer Makes a Call to Action

In his speech to the House of Representatives, Emmer highlighted recent examples of governments weaponizing financial systems against their citizens. He referenced Canada’s 2022 action of freezing the bank accounts of truckers protesting vaccine mandates as a case in point. The Congressman fears this could happen in the United States if CBDCs are adopted without strict rules.

Unlike decentralized digital assets such as Bitcoin, CBDCs are a digital form of sovereign currency designed, issued, and monitored by the federal government.
Tom Emmer

Emmer introduced the CBDC Anti-Surveillance State Act to address these concerns, which has gotten support from 165 Republican conference members. This bill ensures that Congress retains authority over U.S. digital currency policy. According to him, the goal is to protect American privacy values, individual sovereignty, and free-market competitiveness.

Federal Reserve Will Weaponize the CBDC

Emmer clearly warns that the Biden administration is eager to develop a CBDC that could be used to monitor and control Americans. He cites the Federal Reserve’s description of CBDCs as one of their key duties as evidence of this intent.

Any CBDC would need to strike an appropriate balance between safeguarding the privacy rights of consumers and affording the transparency necessary to deter criminal activity.

Federal Reserve

The Federal Reserve added that while Americans have commonly kept their money in digital forms like bank accounts, payment apps, or online transactions, a CBDC would differ from current digital money. This is because a CBDC would be a liability of the Fed rather than a commercial bank.

Congressman Emmer: 'Ban CBDCs to Prevent Biden's Surveillance Agenda'
Federal Reserve headquarters, Washington, D.C. Source: Wikipedia

Many Central Banks Are Interested in CBDCs

Over the past five years, most central banks globally have explored the possibility of issuing a CBDC. The motivations vary from country to country. For instance, in small island nations like the Bahamas, the main goal is to improve financial inclusion due to limited access to banks and vulnerability to natural disasters. In countries like the United Kingdom, the push is to “future-proof” money as people use less paper cash.

Despite the varying reasons, the trend is clear. According to Atlantic Council research, as of March 2024, 134 countries are exploring a CBDC. This includes 38 ongoing pilot projects in Europe and Japan. Emmer believes that this global trend should not blind the U.S. to the potential risks posed by CBDCs.

ISOC News Desk

ISOC News Desk

About Author

Leave a comment

You may also like

News

ISOC-BSIG Chartered and Welcomed by Isoc Board of Trustees

The Internet Society Blockchain Special Interest Group has been officially chartered and approved as part of the growing ISOC family
News

IFF ISOC-BSIG Meetup

The ISOC-BSIG team attending the Internet Freedom Festival 2017 in Valencia (Walid Al-Saqaf and Renata Aquino) have organized a special meetup on Wednesday 8
desi beeg xshaker.net mallu masala
21 pron sexotube.info frist night sex
نيك طيز عرب erotikturkporno.com افلام سيكو سيكو
naughty amerika.com indianfuckblog.com english sexy sex video
beach x video freepakistanixxx.com hot images of kavya madhavan
free girls sex videos porno-zona.com priyamani hd hot photos
mano po legacy february 10 teleseryeone.com 2 good 2 be true download
delhi sexy com sikwap.mobi biharsex
actress sexy video download hindiclips.com jabardasti sex video
desi aunty thumplr bdsmporntrends.com mallu xvideos
blue film porn pornospider.com xnxx full movies
omegle cam4 bigbobmovs.com sexy vido hindi
xnx video hd gekso.info panu bengali video
あやみ旬香 javdatabase.net kawd-868
تحميل العاب جنس arabssexporn.net افلام منقبات سكس