The risks associated with a central bank digital currency are endless, which is why U.S. Rep. Tom Emmer of Minnesota is continuing to fight for legislation that bans the formation of what he calls a "CCP-style surveillance tool."
Some may say that it's just a digital form of money. But it's much more costly than a simple, surface-level assessment. A central bank digital currency (CBDC) is a way to transform the entire U.S. payment system online, departing from paper money. The Federal Reserve has been researching the transition for years, saying that it “could potentially serve as a new foundation for the payment system and a bridge between different payment services.”
But as Majority Whip Emmer points out, this unelected bureaucrat effort could not only dismantle Americans’ right to financial privacy but also allow the government to control consumers' wallets. Emmer reintroduced the CBDC Anti-Surveillance State Act this week after initially presenting the legislation to Congress in February. The bill prohibits the use of a CBDC for monetary policy and has racked up 50 co-sponsors.
"In short, a CBDC is government-controlled programmable money that, if not designed to emulate cash, could give the federal government the ability to surveil Americans' transactions and choke out politically unpopular activity," Emmer's office wrote in a press release.
Cash is unrestricted and free from third-party interference. As they say, "cash is king." It's yours and yours alone. A CBDC on the other hand is not because it's driven entirely by the government.
“If not designed to be open, permissionless, and private – emulating cash – a government-issued CBDC is nothing more than a CCP-style surveillance tool that would be used to undermine the American way of life,” Whip Emmer concluded.
Many have sounded the alarm on the potential beneath a CBDC including Heritage Action Acting Executive Director Ryan Walker and Club for Growth President David McIntosh, who said a government-created digital asset could "surveil, spy, monitor, and restrict consumer behavior" in contrast to the free marketplace.
Americans put independence from the government over their need for convenience. We value personal freedom, which is the entire purpose of the Convention of States movement.
Now is the time to educate and take action when it comes to the forthcoming push for a central bank digital currency. We are working to call a Convention of States to tell the government to “back off” and let us live a life free from excessive government oversight. Please sign the petition below to let us know you support a COS.