Majority Leader Tom Emmer of Minnesota reintroduced legislation on Tuesday to prevent unelected officials from moving forward with a central bank digital currency.
Joined by 50 original co-sponsors, the state CBDC Anti-Surveillance Act would prohibit the Federal Reserve from issuing a digital currency directly or indirectly to individuals and prohibit the Fed from “using any CBDC to implement monetary policy, ensuring that the Federal Reserve cannot use a CBDC as a tool to control the American economy.”
“Unlike decentralized cryptocurrencies, such as Bitcoin, a CBDC is a digital form of sovereign currency that is designed and issued by a government and transacts on a digital ledger that is controlled by that government. In short, a CBDC is government-controlled programmable money that, if not designed to emulate cash, could give the federal government the ability to monitor Americans’ transactions and stifle politically unpopular activity. (Emmer)”