"So that it doesn't get worse, it's better to prevent it first."
Republican Congressman Tom Emmer of the United States (US) House of Representatives introduced a bill to prohibit the Federal Reserve (Fed) from issuing central bank digital currencies (CBDCs).
The implementation of the National CBDC Anti-Surveillance Act is intended to protect the financial privacy of US citizens, where the Fed without any approval by Congress is absolutely not allowed to create a CBDC.
In fact, the bill also prohibits the Fed from using CBDC to implement monetary policy and control the economy including issuing it directly to anyone.
This is because authorities and regulatory entities can use CBDC as a tool to track and control people's spending.
Emmer also stressed that he is not against technological innovations like CBDC, but it should not violate people's rights.
He added that the creation of CBDC could have a major impact on financial privacy, where CBDC transactions that would be recorded on the blockchain could allow authorities to track financial transactions.
Even so, Emmer thinks CBDC can provide various benefits such as greater financial inclusion, reduce transaction costs and provide an alternative to traditional banking services.
Please be informed that Emmer who is doing his best to develop the world of digital assets has been a staunch supporter of blockchain and crypto technology for the past few years.
