A bill that is designed to prevent the American Federal Reserve from publishing a digital currency of the Central Bank (CBDC) was getting closer to becoming the law this week.
The Huis Financial Services Committee has on Wednesday due to a vote of 27-22 rep. Tom Emmer’s (R-Minnesota) “Anti-CBDC Surveillance State Act” adopted.
The potential legislation, which now goes to the entire House of Representatives, would prohibit FED banks to publish CBDCs.
Emmer, the third ranking list of Republican in the house, says that CBDC’s represent ‘Tools for Financial Supervision’.
“In short, a CBDC has been able to give the government -controlled programmable money that, if designed without the privacy protection of cash, could give the federal government a one -sided authority to investigate the transactions of Americans and to limit political unpopular activities.
We have already seen examples of governments that arm their financial systems against their citizens. In China, the Communist Party uses a CBDC to follow the spending habits of its citizens. Closer to home, in Canada, the Trudeau government froze The bank accounts of citizens involved in the 2022 Trucker protests. “
Emmer introduced a similar anti-CBDC account for the first time in 2022. Last month the Republican legislator joined a rep. Ritchie Torres (D-NY) when launching the dual ‘Congressional Crypto Caucus’, of which they say it is going to be a digital assets policy agenda on Capitol Hill.
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