CBDCs could be 'easily weaponized' to spy on US citizens: Congressman
United States Congressman Tom Emmer believes the launch of programmable central bank digital currency (CBDC) in the country could strip American citizens of their financial privacy.
Speaking at the Cato Institute, a Washington DC-based libertarian think tank on Mar. 9, Emmer explained that the programmable CBDC would be “easily weaponized” as a spying tool to “choke out politically unpopular activity,” among other things:
The Minnesota Representative introduced the CBDC Anti-Surveillance Act on Feb. 22 to halt the progress of The Digital Dollar Project, which has seen considerable developments in how it would be used since the second version of its whitepaper was released in mid-January.
“Recent actions from the Biden Administration make it clear that they are not only itching to create a digital dollar but they are willing to trade Americans' right to financial privacy for the surveillance-style CBDC,” he added.
The Blockchain Regulatory Certainty ActThe Securities Clarity ActThe Safe Harbor for Taxpayers with Forked Assets ActThe CBDC Anti-Surveillance State ActThe future of crypto in the US will be determined by Congress and the American People - not the Administrative State. pic.twitter.com/OQ0uwxjVxX
Emmer suggested that the blockchain-enabled “ownership economy” is “threatening” many bureaucrats in Washington DC, as it “shifts economic power from centralized institutions back into the hands of the people.”
While the latest Federal Reserve discussion paper explained that it would only issue the CBDC in the context of “broad public and cross-governmental support," Emmer and many others are concerned with the potential dangers that could ensue:
Related: ‘Programmable money should terrify you’ — Layah Heilpern
Emmer
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