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US Congress Proposes Anti-National Cryptocurrency Bill

Congressman Tom Emmer brought before the US Congress an anti-national cryptocurrency bill fairly recently. According to his team’s press release, they are specifically opposing a Central Bank Digital Currency (CBDC), which the politician seeks to prohibit through legislation.

His reasoning is clear as day. “As other countries, like China, develop CBDCs that fundamentally omit the benefits and protections of cash, it is more important than ever to ensure the United States’ digital currency policy protects financial privacy, maintains the dollar’s dominance, and cultivates innovation. CBDCs that fail to adhere to these three basic principles could enable an entity like the Federal Reserve to mobilize itself into a retail bank, collect personally identifiable information on users, and track their transactions indefinitely.”

This point allows users to reconsider the fundamental principles on which all cryptocurrencies thrive: anonymity, privacy, and decentralization. Emmer claims that widespread implementation of a CBDC will give the central bank adequate weapons to breach these principles and might eventually leave users vulnerable to information leakage and consumption monitoring.

Numerous countries are looking into CBDCs at the moment. 87 of them to be exact, according to a report by Forbes. However, most of these are still in their developmental stages as there are not enough opinions yet on whether these will be accepted by the general public. Of course, crypto investors are also looking over their shoulder for this move’s effects on the world’s largest coins, such as Bitcoin, Ethereum, and Cardano.

For now, we’ll have to see whether this cryptocurrency bill will pass through US Congress and successfully prevent CBDCs to be used as they currently are. We’ll keep you posted on the Unchain page for more developments on the situation.

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