The US proposed to ban the creation of a cryptocurrency dollar

U.S. Congressman Tom Emmer has introduced a new bill aimed at blocking the Federal Reserve from issuing the central bank digital currency (CBDC).

The CBDC Anti-Surveillance State Act is aimed at protecting the financial privacy of US citizens, the congressman explained on his Twitter page on February 22. «Any digital version of the dollar must uphold our American privacy values and be competitive in the marketplace. Anything that doesn' t work by these rules opens the door to the development of a dangerous surveillance tool,» Emmer emphasized.

Today, I introduced the CBDC Anti-Surveillance State Act to halt efforts of unelected bureaucrats in Washington, DC from stripping Americans of their right to financial privacy. 👇 pic.twitter.com/lONbHFZMk7

— Tom Emmer (@GOPMajorityWhip) February 22, 2023

The bill aims to prohibit the issuance of a digital dollar and the use of CBDC to implement monetary policy and control the economy. The congressman noted that the CBDC Anti-Surveillance State Act is aimed at preserving America’s position as a leader in the technology space.

«In the end, America remains a technology leader not because we force innovation to adopt our values under regulatory pressure, but because we allow technology that keeps those values at its core to flourish ,» Tom Emmer summarized.

It is worth reminding that Christopher Waller, a member of the Fed Board of Governors, also opposed the launch of the digital dollar. The official is sure that the state-owned stablecoin will not bring any benefit to the country. During his presentation at the Money 20/20 conference in Las Vegas, Waller said that he is not a big fan of CBDC. However, the politician is open to discussions that could convince him that the digital dollar is indeed something of value.