Blockchain & Crypto

Rep. Tom Emmer Revives Anti-CBDC Bill

Representative Tom Emmer and 49 original co-sponsors reintroduced the “CBDC Anti-Surveillance State Act” in the United States House of Representatives

Rep. Tom Emmer Revives Anti-CBDC Bill

Rep. Tom Emmer on Sept. 12 reintroduced the legislation aimed at preventing “unelected bureaucrats in Washington” from issuing a central bank digital currency (CBDC) which Mr. Emmer called a surveillance tool that would “undermine the American way of life.”

The “CBDC Anti-Surveillance State Act” was first brought to Congress in February 2023. The bill prohibits the Fed from issuing a CBDC to individuals. Rep. Emmer and 49 original co-sponsors of the bill believe such a move would enable a retail bank to collect personal financial data. Therefore, the legislators want to ensure “the United States’ digital currency policy upholds our values of privacy, individual sovereignty, and free-market competitiveness,” instead of maintaining and expanding financial control over the US citizens.

The initiators of the “CBDC Anti-Surveillance State Act” are not the only officials in the US who oppose the notion of CBDC. In March, Florida Governor Ron Desantis launched an initiative to ban central bank digital currencies (CBDC). The governor of Florida claims that the efforts of the Joe Biden administration to introduce a digital currency are aimed at tightening control and activating the processes of monitoring the use of money.

The head of the Federal Reserve System, Michel W. Bowman, is also cautious about CBDCs, stating that the advantages of the central bank’s digital currency are more likely to exceed the risks associated with its use.

Such statements and legal initiatives reflect the public sentiment. In June, a survey found that twice as many Americans are against (34%) the Federal Reserve offering a CBDC compared to those who favour centralized cryptocurrencies (16%).

Not only the US, but also other countries such as Colombia support partial restrictions on the use of CBDC.

Nina Bobro

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Nina is passionate about financial technologies and environmental issues, reporting on the industry news and the most exciting projects that build their offerings around the intersection of fintech and sustainability.