U.S. Minnesota Congressman Tom Emmer, an outspoken advocate of crypto, drafted a bill
📝 earlier this week to block the Fed from issuing a CBDC.
His argument is that digital currencies should not be used as a surveillance tool and that it’s the country’s responsibility to ensure financial privacy, maintain the dollar’s 💵 dominance and cultivate innovation.
Emmer says if the Fed fails to abide by these three principles, the U.S. government could be likened to China, which has exercised “digital authoritarianism” over its country. He claims the Fed risks becoming a retail bank that could collect personally identifiable information on users and track their transactions indefinitely.
It’s worth noting that while distributed ledger technology does keep record of all transactions on a blockchain, users are not personally identified and all parties have access to this information. The difference being it’s a system that prioritizes efficiency over control.