Congressman Tom Emmer’s bill, introduced in January 2022 and reintroduced in September 2023, has secured 75 cosponsors. The legislation seeks to prevent surveillance through a central bank digital currency (CBDC), focusing on preserving Americans’ financial privacy.
The bill limits the Federal Reserve’s authority, barring direct services to individuals and the use of CBDCs for monetary policy. Concerns over potential government surveillance and restrictions on financial activities drive the need for privacy safeguards.
Passed by the House Financial Services Committee on September 20, 2023, the bill highlights the growing awareness of privacy issues associated with CBDCs. The ongoing debate centers on striking a balance between technological advancement and protecting individual rights in the realm of government-controlled digital currencies.Source: Coinpaprika