American House Stated that CBDC Could Be Used as A Political Tool
Rep. Tom Emmer (R-Minn.), the third most powerful Republican in the U. S. House of Representatives, is campaigning against what he believes is President Joe Biden’s aim to introduce a digital dollar that could be used to monitor citizens’ financial activities.
Emmer, a steadfast supporter of the cryptocurrency domain who has declared it “can be very intimidating to unelected bureaucrats”, is advocating a law that would prohibit the Federal Reserve from launching a central bank digital currency (CBDC). The Treasury Department has been supportive of investigations into a digital dollar, and this week officials have reported that the Fed is still in an exploratory stage with regards to this initiative.
“Recent actions from the Biden administration make it clear that they’re not only itching to create a digital dollar, but they’re willing to trade Americans’ right to financial privacy for surveillance-style CBDC.”– Emmer
He stated on Thursday that a government cryptocurrency could be utilized as a method of surveillance and the US government could employ it to stifle actions that are unpopular with them.