A new bill has been introduced in the US Congress that seeks to defend individual privacy in the context of central bank digital currencies (CBDCs). The “CBDC Anti-Surveillance State Act” was introduced by Tom Emmer, a Republican Party Representative from Minnesota.
The bill is aimed at ensuring that CBDCs do not become tools for government surveillance or the violation of individual rights. The bill would require that any CBDC issued by the Federal Reserve or any other government agency must include safeguards to protect individual privacy and prevent the use of the digital currency for surveillance purposes.
Representative Tom Emmer said that “we need to ensure that CBDCs are developed in a way that protects individual privacy and prevents government overreach. This bill is an important step towards ensuring that CBDCs are developed in a way that is consistent with our values of individual liberty and economic freedom.”
The bill was presented in response to growing concerns about the potential for CBDCs to be used for government surveillance or control. While CBDCs could have many benefits, such as increased financial inclusion and greater efficiency in payments, there are also concerns about the potential for governments to use the digital currencies for surveillance purposes.
According to the proposed legislation, any CBDC issued by the Federal Reserve or another government body must have privacy safeguards, such as encryption and the option to use the money anonymously. In accordance with the proposed legislation, any data gathered in connection with CBDC transactions must be securely held and protected from unwanted access.
At a time when many governments all over the world are looking into the creation of CBDCs, the CBDC Anti-Surveillance State Act was introduced. The European Union, China, and other nations have already started putting their own CBDCs through testing or implementation. The US Federal Reserve has also been considering the prospect of a digital currency and has said that it is now researching the topic and consulting with relevant parties.
The CBDC Anti-Surveillance State Act represents an important step towards ensuring that CBDCs are developed in a way that protects individual privacy and prevents government overreach. The bill’s proposed safeguards for privacy and data protection could serve as a model for other countries seeking to develop their own CBDCs.
This Anti-Surveillance State Act is an important response to the increasing worries about the potential for CBDCs to be used for government surveillance. The bill’s proposed privacy protections and safeguards for data protection are essential to ensuring that CBDCs are developed in a way that benefits individuals and the economy