{"id":23436,"date":"2023-09-14T07:16:32","date_gmt":"2023-09-14T07:16:32","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/us-congressman-emmer-takes-a-stand-against-cbdcs-and-proposes-ban\/"},"modified":"2023-09-14T07:16:32","modified_gmt":"2023-09-14T07:16:32","slug":"us-congressman-emmer-takes-a-stand-against-cbdcs-and-proposes-ban","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/us-congressman-emmer-takes-a-stand-against-cbdcs-and-proposes-ban\/","title":{"rendered":"US Congressman Emmer Takes a Stand Against CBDCs and Proposes Ban"},"content":{"rendered":"

(Originally posted on : Crypto News – iGaming.org )<\/b>
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US Congressman Tom Emmer has proposed legislation that would prohibit the Federal Reserve from developing a Central Bank Digital Currency (CBDC). Named the Central Bank Digital Currency Anti-surveillance State Act, this bill aims to keep in check any unchecked power from unelected officials. It also seeks to ensure that any US digital currency policy respects the principles of privacy, individual rights, and the free market.<\/p>\n

Emmer clearly stated, \u201cA CBDC should be private, open, and permissionless, just like cash. Otherwise, it could become a tool similar to the CCP\u2019s surveillance methods, threatening our way of life.\u201d<\/p>\n

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The subject of CBDCs has gained momentum globally, with numerous countries exploring or already in the process of launching their versions. The US, however, remains somewhat ambivalent about the idea and the broader cryptocurrency industry.<\/p>\n

Emmer\u2019s concerns lie primarily in safeguarding Americans\u2019 financial privacy. He critiques the administrative approach, suggesting that a CBDC might allow comprehensive access to the financial details of US citizens, which isn\u2019t the case with the traditional US Dollar. The fate of this bill and whether it will swiftly become law remains uncertain.<\/p>\n

In a related development, Michael Barr, the Federal Reserve\u2019s Vice Chair for Supervision, has indicated that the US isn\u2019t in a rush to introduce a CBDC. According to him, the Central Bank is still some distance from making a decision on this matter. Despite this, the Federal Reserve continues its study into CBDCs by releasing public research papers, running tech trials, and launching small-scale pilot projects. Thus, while the introduction of a US CBDC isn\u2019t imminent, it remains a topic of consideration.<\/p>\n

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Earlier this week, Emmer introduced<\/a> an amendment to existing law to limit the US Securities and Exchange Commission\u2019s spending on cryptocurrency regulations, and thereby limiting Gary Gensler\u2019s powers<\/p>\n<\/p><\/div>\n

Source link <\/a>
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(Originally posted on : Crypto News – iGaming.org ) US Congressman Tom Emmer has proposed legislation that would prohibit the Federal Reserve from developing a Central Bank Digital Currency (CBDC). Named the Central Bank Digital Currency Anti-surveillance State Act, this bill aims to keep in check any unchecked power from unelected officials. It also seeks […]<\/p>\n","protected":false},"author":5,"featured_media":23437,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[34],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/23436"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=23436"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/23436\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/23437"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=23436"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=23436"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=23436"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}