“Congressman Raises Concerns Over Digital Dollar’s Potential to Increase Government Control on American Finances”
Republican House Majority Whip Tom Emmer (R-MN) has spoken out against the implementation of a central bank digital currency (CBDC), stating that it goes against American values of privacy, individual sovereignty, and free markets. Emmer made these comments during a panel hosted by the Cato Institute, a libertarian think tank based in Washington D.C.
Emmer argued that CBDCs represent a struggle for power between the American government and its citizens. He expressed concern that the federal government is seeking to expand its financial control, and that the implementation of a CBDC would only serve to further this agenda.
However, the Federal Reserve has stated that it will not issue a CBDC without written approval from Congress. Analysts have also suggested that the technology could promote greater financial inclusion and lower costs for consumers.
Despite these potential benefits, Emmer remains skeptical of CBDCs. He believes that they could undermine the privacy and autonomy of American citizens, and that they represent a threat to the free market.
As the debate over CBDCs continues, it remains to be seen whether lawmakers will ultimately decide to embrace or reject this emerging technology.