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Rep. Tom Emmer, the Majority Whip and third-ranking Republican in the U.S. House of Representatives, is pushing a bill to prevent the U.S. Federal Reserve from issuing a central bank digital currency (CBDC).
He believes the Biden administration’s proposed digital dollar would enable the collection of sensitive financial information of citizens. Emmer claims a CBDC could be used as a “surveillance tool,” allowing the government to limit unpopular activity.
Despite the Treasury Department’s endorsement of a digital dollar, the Fed has said it is still conducting research on the topic. Emmer, who is supportive of the crypto industry, asserts that the introduction of a digital dollar could be detrimental to Americans’ financial privacy.
Speaking at the Cato Institute on Thursday, Emmer stated:
“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.”