US Congressman warns of CBDCs jeopardizing financial privacy of American citizens

US Representative Emmer Worried About Effect of CBDC on Financial Privacy

The introduction of programmable central bank digital currency (CBDC) has Congressman Tom Emmer of the United States of America concerned that it may compromise the financial privacy of American residents. He thinks that the Biden Administration’s recent activities indicate that they are anxious to establish a digital currency but are ready to give up Americans’ right to financial privacy in return for a CBDC. Emmer contends that by transferring economic power to common people, the blockchain-enabled ownership economy threatens established institutions. The CBDC might use this mechanism, he contends, to trace transaction-level data down to the individual user and stifle politically controversial conduct. Emmer thinks that decentralized cryptocurrencies provide an opportunity to bring back many of the “American principles” that helped the nation become a global economic force, such personal autonomy, privacy, and free markets. Even testing CBDCs, he contends, is against these “American principles.”