TL;DR
- Congressman Tom Emmer warns that CBDCs threaten privacy and freedom in the United States.
- Emmer introduced the “Anti-CBDC Surveillance Law” to prevent the government from implementing these currencies in an invasive manner.
- Highlights the benefits of decentralized cryptocurrencies like Bitcoin over centralized coins.
Congressman Tom Emmer has intensified his opposition to Central Bank Digital Currencies (CBDCs), arguing that they represent a significant threat to the American way of life.
In a speech to the House of Representatives, Emmer described CBDCs as potential surveillance tools that could seriously compromise the privacy and individual freedom of citizens.
This issue has been a constant concern for Emmer, who has repeatedly expressed his objections to the US Federal Reserve‘s current CBDC project.
On May 22, 2024, Emmer shared a video on his official X account, reiterating his stance against CBDCs and warning about the dangers they represent.
The Biden Administration has proven they are itching to trade Americans’ right to privacy for a CCP-style CBDC surveillance tool.
The @HouseGOP is not going to let that happen. pic.twitter.com/3QEoNbCSgO
— Tom Emmer (@GOPMajorityWhip) May 22, 2024
Two days earlier, in an interview with Bloomberg, Emmer had already highlighted the need for Republicans in the House of Representatives to take action to prevent the Federal Reserve from issuing a CBDC.
As part of its efforts, Emmer presented the “Anti-Surveillance Law of CBDCs”, which seeks to establish legal barriers to prevent the use of these currencies as tools of government control.
During his speech, Emmer highlighted the fundamental differences between CBDCs and decentralized cryptocurrencies like Bitcoin.
While decentralized digital assets are open, permissionless, and guaranteed privacy, CBDCs are government-controlled, programmable forms of money.
This centralization gives authorities the ability to monitor and possibly suppress activities considered politically unpopular.
Emmer pointed to China as an example of how a CBDC can be used to surveil citizens and expressed concern that the Biden administration could follow a similar path.
The Superiority of Decentralized Cryptocurrencies over CBDCs
One of the highlights of Emmer‘s speech was the comparison between CBDCs and cryptocurrencies like Bitcoin.
Decentralized cryptocurrencies are known for their ability to operate without the intervention of a centralized third party, meaning that transactions can be carried out privately and without censorship.
This independence is one of the main advantages of blockchain technology, which promotes transparency, security and financial freedom.
In contrast, CBDCs, when issued and controlled by the government, have the ability to be programmed for specific purposes, which could include surveillance and control of citizens financial activities.
This level of control is concerning because it centralizes power in the hands of the government, potentially allowing the abuse of individuals’ privacy and autonomy.
Emmer argued that allowing the government to access detailed levels of transactional data could lead to misuse of information, similar to what has been seen in countries with authoritarian regimes.
This perspective is particularly relevant given the current context of debates about privacy and digital rights around the world.
The fear is that a poorly designed centralized coins could give the government the ability to suppress dissident or politically inconvenient activities.
Blockchain technology and decentralized cryptocurrencies, on the other hand, offer a model where power is distributed among users, not governments.
This model not only protects privacy, but also fosters innovation and financial inclusion by eliminating costly intermediaries and enabling instant global transactions.
Decentralization is a crucial step towards a freer and more equitable financial future.
At the end of his speech, Emmer called on his colleagues to support the “Anti-Surveillance of CBDCs Act” to ensure that any move towards a central bank digital currency in the United States does not sacrifice the fundamental values of privacy and freedom that define the country.
This debate, although focused on finance, touches on broader questions about the relationship between citizen and state in the digital age.
