A US congressional committee has approved a bill to block the launch of a government-backed digital currency.
The central bank digital currency (CBDC) Anti-Surveillance State Act passed the House Financial Services Committee with a close vote of 27–22.
Representative Tom Emmer of Minnesota said the measure is meant to stop the Federal Reserve from creating a digital version of the dollar.
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The bill does not just block the Fed from issuing a CBDC directly. It also prevents the central bank from working with private companies to do so on its behalf. Additionally, it would stop the Fed from using digital currency to shape economic policy.
During the committee hearing, Emmer said the government should not be in the business of tracking how people spend their money. In his view, a government-backed digital dollar, unlike decentralized options like Bitcoin
$78,386.87
, would give too much power to federal agencies.
He warned that if privacy protections are not included, it could lead to restrictions on what people are allowed to buy.
Emmer also pointed to China’s digital yuan and suggested it might be used to monitor spending. He also referenced Canada’s freezing of protester accounts in 2022 as another example of how financial systems can be used to limit freedoms.
During an April 2 hearing in Washington, Representative Maxine Waters raised concerns about a stablecoin linked to President Trump’s family. What did she say? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
