A controversial U.S. bill, known informally as the “CBDC Anti-Surveillance State Act,” is one step closer to becoming law. The legislation seeks to prevent the Federal Reserve from issuing a central bank digital currency. Before the bill can be passed into law, it must first face a vote in congress. A recent statement from the bill’s author, Representative Tom Emmer following the announcement of the legislation’s progress, has left many cryptophiles with mixed emotions.
On one hand, some argue that the bill could stifle innovation and erode the American general public’s trust in digital currencies. They believe that a federally issued CBDC would offer considerable security benefits and a level of transparency and accountability that private cryptos can’t guarantee, ultimately encouraging broader adoption of digital currencies.
On the other side of the coin, the legislation has already gained the support of 60 members of congress who see the bill as crucial to the protection of personal liberties against the encroachment of state control. The CBDC has been perceived metaphorically as a ‘CCP-style surveillance tool’ by Emmer, implying that a U.S. CBDC could infringe on individual privacy and freedom, particularly sharpens the divide between two different perspectives.
The proposed legislative action against a Central Bank Digital Currency (CBDC) was reintroduced into the House of Representatives by Tom Emmer and 49 co-sponsors on Sept. 14, following its initial introduction in February 2023.
While the procedural progress of the bill sends a clear message about the American legislature’s hesitation towards state-issued digital currencies, the fate of the CBDC Anti-Surveillance State Act is far from certain. What’s more, if it does pass, it will inevitably set a noteworthy precedent for how countries globally manage and regulate cryptocurrencies. The Act would outright prohibit the Federal Reserve from directly issuing a CBDC to citizens and restrict its usage in implementing monetary policy.
As we watch the global crypto legislature unfold, one thing remains clear: we’re at the beginning of an epoch of digital asset technology. Despite fear and resistance, the fast evolvement of cryptocurrency and blockchain adaptations across multiple sectors ensures its integral role in our not-so-distant future.
Remember, keep your eyes peeled, and your crypto secure. As the future of cryptocurrency continues to evolve, so too should our understanding and response to it. Stay curious, stay skeptical, and as always, stay invested.
Source: Cointelegraph
