Congressman Emmer Warns CBDCs Can Be Easily Weaponized Into A Tool

Key Points:

• Republican Representative Tom Emmer gave the opening comments at an event on the risks of CBDC.
• According to Emmer, the CBDC has acquired momentum among the United States institutions of power.
• His worries derive from his opinion that a CBDC in the United States will weaken financial privacy in the country.

United States Congressman Tom Emmer says that the implementation of programmable central bank digital currency in the nation would compromise the American people’s financial privacy.

Tom Emmer gave the opening comments at a symposium on the hazards of central bank digital currency on Thursday (CBDCs). Speaking at the Cato Institute, a libertarian think tank, on the perils of financial control, the congressman described the digital dollar as government-controlled, programmable money that may easily be turned into a surveillance tool.

The Minnesota lawmaker went on to say:

“As the federal government seeks to maintain and expand financial control to which it has grown accustomed, the idea of the central bank digital currency has gained traction within the institutions of power in the United States as government-controlled programmable money that can be easily weaponized into a surveillance tool. I am confident that American values ​​will always prevail against the power-hungry whims of unelected bureaucrats.”

Emmer argues that cryptocurrencies are portrayed as a means for shifting economic power away from centralized institutions and into the hands of ordinary Americans.

The congressman, on the other hand, stated that the entire nature of CBDCs contradicts not just cryptocurrencies in general, but also core American ideals like privacy, individual sovereignty, and free markets. He is concerned that the digital dollar would be used to suffocate politically undesirable behavior, and he is disappointed that the Biden administration is ready to exchange Individuals’ right to financial privacy for CBDC-style monitoring.

Emmer presented the CBDC Anti-Surveillance Act in February to suspend the development of the Digital Dollar Project, which has seen major modifications in how it would be utilized since the publishing of the second edition of its white paper in January.

Numerous US senators agree with Emmer, citing a variety of reasons for their opposition to CBDCs. They are concerned that Federal Reserve-issued digital money would give the government unparalleled access to personal financial data, possibly threatening individual privacy.

Others have expressed worry about the possibility of cyber-attacks and fraud, citing the CBDC’s digital character as making it more prone to hacking and other types of criminality.

Decentralized cryptocurrencies, according to the Minnesota congressman, can help to fix the mismanagement of the US monetary system and restore many of the “American values” that helped the country become an economic powerhouse in the 20th century, such as privacy, individual sovereignty, and free markets.

Emmer went on to suggest that simply testing CBDCs goes against American values.

Notwithstanding these reservations, supporters of the CBDC claim that it has the potential to provide various advantages, including quicker and more efficient payments, expanded financial inclusion, and lower transaction costs.

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Harold

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