Search Results for: CBDC Anti-Surveillance State Act

U.S. Representative Tom Emmer, with the support of 49 other Republican representatives, reintroduced the CBDC Anti-Surveillance State Act to prevent unjust financial surveillance through retail central bank digital currencies (CBDCs). Advocates contend such government-sanctioned currency must respect financial privacy, individual freedom, and market competitiveness.

“Regulation of cryptocurrencies and the blockchain technology is a pressing topic, with concerns about privacy and government surveillance. The ‘CBDC Anti-Surveillance State Act’, reintroduced by Rep. Tom Emmer, aims to limit unelected authorities in issuing a central bank digital currency (CBDC), fearing it could be used as surveillance resources.”

The CBDC Anti-Surveillance State Act, introduced by Tom Emmer, aims to prevent the Federal Reserve from issuing a central bank digital currency (CBDC) directly to Americans or using it for monetary policy. The legislation has gained support among lawmakers, highlighting the debate on CBDCs’ potential benefits for financial inclusion versus the risks of privacy invasion and government surveillance.

“The future of CBDCs will be influenced by user privacy and monetary freedom of choice, according to Agustín Carstens of the BIS. Legal frameworks protecting user privacy are crucial for their mass adoption. The legitimacy of a CBDC comes from the central bank’s legal authority to issue it, hence legislation is imperative.”

“The U.S. bill known as the ‘CBDC Anti-Surveillance State Act’ aims to prevent the Federal Reserve from issuing a central bank digital currency. This bill has sparked mixed emotions, with supporters seeing it as crucial for protecting personal liberties against state control, while critics argue it could stifle innovation and trust in digital currencies.”

“The San Francisco Federal Reserve Bank’s job posting for a “senior crypto architect” has sparked criticism. There are concerns CBDCs could be misused as tools for coercion and control. Representatives like Warren Davidson contend CBDCs should prioritize being a stable store of value and an efficient means of exchange, rather than being used for surveillance and control.”

The future of Central Bank Digital Currencies (CBDC) in the US faces uncertainty due to growing bipartisan opposition, with concerns regarding increased surveillance power and privacy at the center of the conflict. The CBDC Anti-Surveillance State Act aims to enhance oversight and prohibit the Federal Reserve from issuing a CBDC.

Recent global legislative actions are intensifying cryptocurrency regulation discussions. Hong Kong is focusing on regulated exchanges to decrease fraud-related investor losses, Thailand is taxing overseas crypto profits, Brazil is advocating for digital assets protection, and the U.K. and U.S. are developing bills targeting illegal crypto use and curtailing Central Bank Digital Currencies respectively. Regulatory changes highlight the balance between encouraging financial innovation and protecting citizens.