U.S. Rep. Rudolph Yakym (R-Ind.) announced on Monday support for the earlier reintroduced CBDC Anti-Surveillance State Act by Majority Whip Tom Emmer, as reported by CoinGape.
The act aims to stop the efforts of unelected bureaucrats in Washington, D.C. from issuing a central bank digital currency (CBDC).
Find out more on CBDC and its functionalities! Meet and engage with transformative Digital Asset and Crypto business leaders and investors at Benzinga’s exclusive event: Future of Digital Assets. Tickets are flying: Get yours!
Emmer is also joined by 50 other original cosponsors who argue that CBDCs harm Americans’ right to financial privacy. The bill was initially introduced in January 2022.
“If not designed to be open, permissionless, and private — emulating cash — a government-issued CBDC is nothing more than a CCP-style surveillance tool that would be used to undermine the American way of life,” Emmer stated. (CCP stands for the Chinese Communist Party.)
Also Read: GOP Pushes Forward Bills Aimed At Banning CBDC: ‘Cast It Into The Fire’
CBDC and the Anti-CBDC Bill: CBDC is a digital form of sovereign currency designed and issued by a government and transacts on a digital ledger controlled by the government. The anti-CBDC bill restricts the Federal Reserve from issuing a CBDC directly to individuals, indirectly issuing a CBDC to individuals through an intermediary, and from using any CBDC to implement monetary policy.
Now Read: CBDCs To Usher In A Cashless Future, Overthrowing Traditional Banking: Royal Bank of Canada
Photo: Shutterstock
