Congressman Bill Blocks (CBDC) Central Bank Digital Currency Adoption

Congressman Emmer proposes a bill to block Fed from issuing CBDC in the US. Congressman Tom Emmer has proposed a new account named the ‘CBDC Anti-Surveillance State Act.’ The bill aims to safeguard the financial privacy of Americans, as per his tweet on Feb 22.

Emmer said:

Any digital version of the dollar must uphold our American values of privacy, individual sovereignty, and free market competitiveness. Anything less opens the door to developing a dangerous surveillance tool.

Bill aims to block Fed’s digital dollar and its use for economic control or monetary policy. It would also prohibit them from giving it to anyone.

Bill requires Fed to inform Congress about CBDC project if passed, says House Majority Whip. The bill also mandates the Federal Reserve to update Congress every three months regarding pilot projects. The Congressman mentioned that the legislation ensures that America remains at the forefront of the technology industry.

After all, America remains a technological leader not because we force innovations to adopt our values under regulatory duress but because we allow technology that holds these values at their core to flourish,

Emmer’s Bill Threatens US CBDC Launch Amid Crypto Regulation Debate

Emmer’s bill, if passed, will prohibit the US from issuing a CBDC . The Fed hasn’t confirmed plans to launch a CBDC, but some in the industry see it as a potential competitor to cryptocurrencies such as Bitcoin and Ethereum.

Jerome Powell, the head of the Federal Reserve, stated that a US-backed CBDC would help maintain the dollar’s global dominance. Other countries around the world are also studying and researching CBDCs. The Federal Reserve Bank of San Francisco is also looking to hire software developers to help develop a CBDC.

This article conveys general information, and the opinions expressed should not be considered personal advice for any individual or specific security or investment product.

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