The US congressman noted that CBDC may be bringing a threat to the privacy of US citizens because the digital version of the US dollar will also keep citizens’ private financial data.
Since 2022, The United States Federal Reserve (the Fed) is studying the Central Bank Digital Currency (CBDC), or say a digital dollar. Many times it has been seen that the US Fed showed very little interest in CBDC development but due to increasing competition among central banks to develop CBDC, dragged the US Fed to start studying & work on CBDC development. Since the beginning, many people have expressed their negative opinion of the digital dollar concept.
On 22 Feb 2023, US congressman Tom Emmer introduced a bill dubbed the ‘CBDC Anti-Surveillance State Act’ which seeks to protect U.S. citizens’ financial privacy. Through the bill, Emmer shared his opinion on the risk associated with the CBDC use in the financial system and suggested a ban on the rollout of digital dollars.
According to Emmer, the digital version of CBDC will keep all the tracks of US citizens and further that thought will play a very bad role over the financial privacy rights of American citizens.
Any digital version of the dollar must uphold our American values of privacy, individual sovereignty, and free market competitiveness. Anything less opens the door to the development of a dangerous surveillance tool,” The congressman said.
For this introduced bill, Emmer got support from 9 US Republican colleagues.
Just a few days ago, The Federal Reserve Bank of San Francisco released a notification to hire interested blockchain developers to contribute to the US digital dollar project.