- Former US President Trump has pledged to prevent the introduction of CBDCs.
- Emmer backs Trump, sharing concerns about CBDCs’ threat to financial privacy.
Representative Tom Emmer, the majority whip of the US House of Representatives, and former President Donald Trump have joined forces to combat what they perceive as an encroachment on financial privacy by the Central Bank Digital Currencies (CBDCs).
Emmer recently echoed Trump’s reservations about CBDCs on social media, expressing shared concerns about the potential risks of de-banking and misuse by political entities, Cointelegraph reported. This united front against CBDCs aims to safeguard individuals’ financial transactions and limit what they view as an expansion of government surveillance.
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CBDCs Introduction
Former President Donald Trump, in a recent campaign speech, declared his commitment to block the introduction of CBDCs by the US Federal Reserve if he were to be re-elected. His opposition stems from concerns about de-banking and the potential misuse of the currency for political purposes.
Representative Tom Emmer, aligning himself with Trump’s stance, highlighted his dedication to opposing what they perceive as an expansion of government surveillance.
CBDC Anti-Surveillance State Act
Emmer specifically mentioned his CBDC Anti-Surveillance State Act, a proposed legislation with substantial backing from 75 co-sponsors. The act aims to serve as a crucial safeguard, curbing government surveillance of individuals’ financial transactions.
Despite Trump’s earlier disapproval of cryptocurrencies during his presidency, he has recently ventured into the crypto space by introducing three nonfungible token collections. This shift includes his latest collection featuring his infamous mugshot, taken during his surrender to authorities in Georgia in August 2023.
Several states, including Utah, South Carolina, South Dakota, and Tennessee, have filed bills against referring to a CBDC as money. These bills seek to exclude CBDCs from the definition of money, potentially creating significant obstacles to their development in the United States.
