CBDC Development Deemed 'Absolutely Un-American' by US Congressman
CryptoNewsTerminal Staff20 May, 2024
CBDC Development Deemed 'Absolutely Un-American' by US Congressman
CBDCs: A Threat to American Values U.S. Representative Tom Emmer, a prominent supporter of cryptocurrencies, has strongly criticized the idea of a central bank digital currency (CBDC). He believes that CBDCs are an "overreach" and an "absolutely un-American idea." Emmer's Concerns Emmer's opposition to CBDCs stems from concerns about government overreach and privacy侵犯. He believes that CBDCs would give the government too much control over the financial system and could be used to track and monitor individual transactions. Bill in Congress To address these concerns, Emmer is introducing legislation in the House of Representatives that would prohibit the development of a CBDC. The bill, H.R. 4062, is cosponsored by several other Republican lawmakers. Growing Opposition to CBDCs Emmer's criticism of CBDCs reflects the growing skepticism about these digital currencies among policymakers and the public. Critics argue that CBDCs are unnecessary, since existing payment systems already provide efficient and secure ways to transfer funds. They also worry about the potential risks to privacy and financial stability.
