Majority Whip Tom Emmer took a stand to safeguard Americans’ right to financial privacy by re-introducing legislation aimed at curbing the efforts of unelected bureaucrats in Washington, D.C. who are pushing for the issuance of a central bank digital currency (CBDC).
Emmer’s bill is called the CBDC Anti-Surveillance State Act.
“We must urgently develop a digital financial system that is (1) open and freely accessible to all, (2) without requiring permission from the government or anyone else, and (3) private, safeguarding the user’s identity,” Emmer posted on X.
Unlike decentralized cryptocurrencies such as Bitcoin, a CBDC represents a digital incarnation of a sovereign currency, authorized and regulated by a government entity. A CBDC operates on a digital ledger firmly under the control of the government.
“Recent actions from the Biden administration have made it clear that they are not only itching to create a digital dollar but they are willing to trade Americans’ rights to privacy for a surveillance style CBDC.”
He went on to emphasize the potential dangers of a non-private CBDC, likening it to a surveillance tool reminiscent of what Communist China uses.
“If not designed to be open, permissionless, and private – emulating cash – a government-issued CBDC is nothing more than a CCP-style surveillance tool that would be used to undermine the American way of life,” warned Emmer.
The concern with a CBDC, Emmer argued, is that if not intentionally designed to mimic the anonymity and privacy of physical cash, it could grant the federal government unparalleled access to monitor the financial transactions of American citizens.
This capability could be exploited to stifle politically unpopular activities or intrude upon the private financial lives of individuals, he said.
Dr. Peterson agrees
Earlier this month, Dr. Jordan Peterson echoed the same concerns about the possibility of Canada and other western countries getting digital IDs like China uses.
“This is going to happen here, I think, too, although maybe people will fight it,” he said.
