The US Congress is debating the creation of a Central Bank Digital Currency (CBDC), a digital form of the dollar issued and regulated by the Federal Reserve. Unlike decentralized cryptocurrencies, a CBDC would be government-controlled.
Facing concerns about potential government overreach, Republican lawmakers are advocating against a US CBDC through the “Anti-CBDC Surveillance State Act.” Sponsored by Congressman Tom Emmer, the bill aims to prevent the government from monitoring citizens’ financial transactions.
Emmer argues that a CBDC could be weaponized for surveillance. The House Financial Services Committee recently passed the bill with a 27-22 vote, signaling significant opposition to the concept within Congress. The future of a US CBDC remains uncertain as lawmakers grapple with balancing innovation and privacy concerns.
