• U.S. Congressman Tom Emmer believes that the introduction of CBDCs will jeopardize the financial privacy of American citizens.
• He introduced the CBDC Anti-Surveillance Act last month to halt the development of the Digital Dollar Project.
• Emmer suggests that decentralized cryptocurrencies can help to fix the mismanagement of the U.S. monetary system and restore many of American values such as privacy, individual sovereignty, and free markets.
U.S Congressman’s View on CBDC
U.S Congressman Tom Emmer has expressed his concern about the introduction of Central Bank Digital Currencies (CBDC) in America and has argued that it would compromise financial privacy for American citizens.
The CBDC Anti-Surveillance Act
In response to this, he introduced an act called „the CBDC Anti-Surveillance Act“ last month in order to halt further development of The Digital Dollar Project which had seen significant modifications since its second version was released earlier this year.
American Values at Stake
Emmer believes that this programmable money could be weaponized by government authorities to spy on individuals and suppress politically unpopular activities; something which goes against core American values such as privacy, individual sovereignty, and free markets.
Decentralized Cryptocurrencies as a Solution
He proposed that blockchain enabled ownership economies can potentially redistribute economic power from centralized institutions back into hands of ordinary citizens while tracking transaction level data down to individual users.
Benefits of Decentralization
Therefore decentralized cryptocurrencies can help fix mismanagement in US monetary system while restoring many “American Values” from 20th century era like privacy, individual sovereignty and free market economics.