The House Republican leader in the U.S. House of Representatives, Tom Emmer, said that a digital dollar could contribute to “financial control” over citizens. This was reported by Decrypt.
The politician called the CBDC technology an insult to American values, privacy, individual sovereignty, and the free market. In his view, the situation surrounding the digital dollar embodies a struggle between the authorities and ordinary citizens.
“As the federal government seeks to sustain and expand the financial controls it has grown used to, the idea of central bank digital currency is rapidly gaining traction within the halls of power. I am confident that American values will always prevail over the power-hungry whims of bureaucrats,” Emmer added.
The congressman also noted that there is no need to worry about falling behind China, which is actively rolling out e-CNY.
Since 2021, Emmer has advocated that the design of the digital dollar would exclude the possibility of financial surveillance over citizens.
In February 2023, the congressman introduced a bill to protect “financial privacy” for citizens when using CBDC. According to the document, ФРС is prohibited from using the digital dollar to carry out monetary policy and to control the economy.
As reported, former BitMEX CEO Arthur Hayes described central bank digital currencies as the perfect instrument for governments and an encroachment on sovereignty over private transactions.