How Graham Platner's Campaign Is Trying to Do Damage Control After Nazi Tattoo...
Even CNN Is Calling Out Dems Over This Lie About Trump's White House...
Is This the Most Insane Reaction to President Trump's East Wing Project
LOL: The White House Did Not Include *This* on Their Website. It's Classic...
Bernie Sanders Just Broke With His Party Over This Trump Policy
When There Are No Words: Hundreds Honor Teen Who Gave Life After Losing...
What Could Go Wrong? Scientists May Have Found a Real-Life Jurassic Park Starter...
Democrats Scraping the Bottom of the Barrel for Candidates
Trump Administration Fires Back at Hillary Clinton Over White House Ballroom Renovations
The Empire Strikes Back: Trump vs Venezuela, Columbia, Antifa, and Illegals
Zohran Mamdani Says That Muslims Were Hit Hard After 9/11
Feds Charge 33 in Philadelphia’s Most Prolific Drug Market: Weymouth Street DTO
What Charlie Kirk Understood About America’s Lost Youth
Abigail Spanberger, As Governor, You’re Supposed to Make Decisions
While Washington Imports Price Controls, China Imports Our Future
Tipsheet

How One Republican Is Trying to Prevent the Fed From Implementing a 'CCP-Style Surveillance Tool'

AP Photo/Bruce Kluckhohn

Majority Whip Tom Emmer of Minnesota reintroduced legislation on Tuesday to prevent unelected officials from moving forward with a central bank digital currency. 

Advertisement

Joined by 50 original cosponsors, the CBDC Anti-Surveillance State Act would bar the Federal Reserve from issuing a digital currency directly or indirectly to individuals and would prohibit the Fed “from using any CBDC to implement monetary policy, ensuring the Federal Reserve cannot use a CBDC as a tool to control the American economy.”

Unlike decentralized cryptocurrencies, like Bitcoin, a CBDC 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. In short, a CBDC is government-controlled programmable money that, if not designed to emulate cash, could give the federal government the ability to surveil Americans' transactions and choke out politically unpopular activity. (Emmer)

“The administration has made it clear: President Biden is willing to compromise the American people’s right to financial privacy for a surveillance-style CBDC. That’s why I’m reintroducing my landmark legislation to put a check on unelected bureaucrats and ensure the United States’ digital currency policy upholds our values of privacy, individual sovereignty, and free-market competitiveness,”  Emmer said in a statement.

Advertisement

“If not designed to be open, permissionless, and private – emulating cash – a government-issued CBDC is nothing more than a CCP-style surveillance tool that would be used to undermine the American way of life,” he added.


Join the conversation as a VIP Member

Recommended

Trending on Townhall Videos

Advertisement
Advertisement
Advertisement