Congressman Tom Emmer's CBDC Anti-Surveillance State Act now has 75 cosponsors. "A central bank digital currency is government-controlled programmable money that, if not designed to emulate cash, could give the federal government the ability to surveil and restrict Americans' transactions," the lawmaker cautioned.
CBDC Anti-Surveillance Bill Gains Support in Congress
Seventy-five U.S. lawmakers now support the CBDC (central bank digital currency) Anti-Surveillance State Act. Congressman Tom Emmer (R-MN), who introduced the bill, shared on social media platform X Saturday:
My bill to protect Americans' right to financial privacy, the CBDC Anti-Surveillance State Act, is up to 75 cosponsors, and we will keep growing support.
This bill limits the Fed's ability to provide direct services to individuals and use a central bank digital currency.
"Specifically, the bill prohibits the Federal Reserve and the Federal Open Market Committee from using any central bank digital currency to implement monetary policy. In addition, a Federal Reserve bank is prohibited from offering products or services directly to an individual, maintaining an account on behalf of an individual, or issuing a central bank digital currency directly to an individual," according to the bill's text.
The CBDC Anti-Surveillance State Act was first introduced in January 2022. Congressman Emmer reintroduced the bill in early September 2023 with the support of 50 lawmakers. On Sept. 20, 2023, he announced that the House Financial Services Committee passed his bill with the support of 60 lawmakers.
"Unlike decentralized cryptocurrencies, a central bank digital currency is a digital form of sovereign currency that is designed and issued by a government and transacts on a digital ledger that is controlled by that government," Emmer described, emphasizing:
In short, a central bank digital currency is government-controlled programmable money that, if not designed to emulate cash, could give the federal government the ability to surveil and restrict Americans' transactions.
Do you think Congress should pass the CBDC Anti-Surveillance bill? Let us know in the comments section below.
Source: Bitcoin.com
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