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Congressman Tom Emmer is leading the reintroduction of a bill that aims to prevent the Federal Reserve from creating a digital dollar.<\/p>\n
Emmer says on the social media platform X that if it isn\u2019t designed to emulate cash, then a central bank digital currency (CBDC) would dismantle Americans\u2019 right to financial privacy while also emboldening the \u201cAdministrative State.\u201d<\/p>\n
The majority whip says<\/a> that the new bill attempts to prohibit the Fed from issuing a retail CBDC \u201cwhile protecting innovation and any future development of true digital cash.\u201d<\/p>\n \u201cThis bill puts a check on unelected bureaucrats and ensures the US digital currency policy upholds our American values of privacy, individual sovereignty, and free-market competitiveness\u2026\u00a0<\/em><\/p>\n The administration has made it clear: President Biden is willing to compromise the American people\u2019s right to financial privacy for a surveillance-style CBDC.<\/em><\/p>\n I don\u2019t believe in compromising Americans\u2019 rights.\u00a0<\/em><\/p>\n Bottom Line: If not open, permissionless, and private \u2013 like cash \u2013 a CBDC is nothing more than a CCP (Chinese Communist Party)-style surveillance tool that can be weaponized to oppress the American way of life.\u201d<\/em><\/p>\n While official, concrete plans for a CBDC haven\u2019t been released by the US government, opposition has already formed.<\/p>\n Last month, Ohio Republican Warren Davidson said<\/a> that CBDCs pose an existential threat to Western Civilization, and was committed to fighting against them.<\/p>\n Davidson\u00a0says<\/a>\u00a0that he wants to prohibit CBDCs because they threaten other digital assets like Bitcoin (BTC<\/a>), and impede the development of beneficial financial technology.<\/p>\n \u201cCentral bank digital currency (CBDC) poses a serious threat to all digital assets. As I said at Flyover FinTech, many people wrongly conflate even BTC with CBDC.<\/em><\/p>\n At least most agree that CBDC is evil \u2013 the financial equivalent of the Death Star.<\/em><\/p>\n Don\u2019t become an accomplice to anyone designing, building, testing, developing, or establishing CBDC. Banning CBDC is essential to America\u2019s FinTech future.\u201d<\/em><\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>
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