Congressman Emmer warns against risks of government-controlled CBDC
According to reports, U.S. Congressman Tom Emmer said at an event on the risk of the Central Bank\’s digital currency (CBDC) that the digital dollar is \”a progra
According to reports, U.S. Congressman Tom Emmer said at an event on the risk of the Central Bank’s digital currency (CBDC) that the digital dollar is “a programmable currency controlled by the government and can easily be weaponized into a monitoring tool”. He said that the essence of CBDC is not only against the general cryptocurrency, but also against the basic values of the United States, such as privacy, personal sovereignty and free market.
U.S. Congressman Tom Emmer: CBDC can easily be weaponized into a surveillance tool
Analysis based on this information:
U.S. Congressman Tom Emmer has expressed concerns about the potential risks of the Central Bank’s digital currency (CBDC) at an event discussing its impact. Emmer addressed the issue by stating that the digital dollar, if created, would essentially be a programmable currency that could be easily weaponized by the government, leading to it being used as a monitoring tool. The congressman highlighted that such a currency would not only be a threat to general cryptocurrency but also the foundational values of the United States, including privacy, personal sovereignty, and free market.
The warning comes as central banks across the world explore the possibility of developing government-controlled CBDCs, which would be fundamentally different from decentralized cryptocurrencies like Bitcoin and Ether. These currencies would be centralized, and their issuance and monitoring would be under the control of the government, making them more prone to government interference.
Congressman Emmer’s message is quite clear: the government-operated CBDC creates an atmosphere in which stakeholders may well become reliant on the government, which would create a centralized economy that will negatively affect freedom and personal rights. Additionally, this could also slow down technological innovation in the crypto industry, leading to more government control, which the congressman believes is against the core values of the United States.
With blockchain technology quickly advancing, industries want to adopt digital currencies to encourage efficiency and decentralization. However, concern over the private sector’s lack of regulatory scrutiny and the US’ loss of control over its money supply has fueled support for a CBDC. Yet, according to Emmer, the government’s decision to issue a CBDC highlights the conflict between control and freedom. While it looks like a promising advancement to streamline and digitize the financial system, it could well create limitations on individual liberty and result in an overreaching government.
In conclusion, Congressman Emmer’s warning is that the creation of a CBDC could be a threat to the core values of the United States, such as privacy, personal sovereignty, and free market. While the issuance of a digital currency by the government may create efficiency, it will also create a central economy that may negatively impact citizens’ rights. The true conflict between control and freedom will be at play if a CBDC were to be introduced.
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