Home CryptocurrencyBitcoin Rep. Emmer and Trump Team Up Against CBDCs, Citing Privacy Concerns

Rep. Emmer and Trump Team Up Against CBDCs, Citing Privacy Concerns

by SuperiorInvest

US Representative Tom Emmer agreed with former President Donald Trump’s view that central bank digital currencies (CBDCs) are a threat to financial privacy.

Emmer, who is the majority whip of the United States House of Representatives, voiced expressed his concerns in a post on X (formerly Twitter) on January 19, echoing Trump’s apprehensions about CBDCs and their potential threat to financial privacy.

On January 17, during a campaign speech in New Hampshire, Trump pledged to prevent the US Federal Reserve from introducing a CBDC in the United States if he is elected president for the second time.

Trump’s strong opposition to CBDCs stems from concerns about the risks of debanking and the potential for misuse of the currency by political actors.

Emmer expressed his dedication to working with Trump to oppose what they both perceive as an expansion of government surveillance, citing his State Anti-Surveillance CBDC Act, which is supported by 75 co-sponsors.

The proposed anti-CBDC legislation, if passed, would serve as a crucial safeguard to limit government surveillance of individuals’ financial transactions.

Related: Florida Governor Who Promised Ban on CBDCs Places Second in Iowa Caucus

Despite Trump’s previous disapproval of Bitcoin and other cryptocurrencies during his presidency, he has ventured into the crypto space by introducing three non-fungible token (NFT) collections since leaving office.

Trump has earned 1,075 Ether (ETH) from his NFT collections so far. The latest collection included his infamous mugshot, which was captured when he turned himself in to Georgia authorities in August 2023.

Bills against referring to a CBDC as money have been introduced in the states of Utah, South Carolina, South Dakota, and Tennessee. The bills would exclude a CBDC from the definition of money and could create significant obstacles to its development in the United States.

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