U.S. Congressman Tom Emmer: CBDC can easily be weaponized into a surveillance tool

According to reports, U.S. Congressman Tom Emmer said at an event on the risk of the Central Bank’s digital currency (CBDC) that the digital dollar is “a programmable currency controlled by the government and can easily be weaponized into a monitoring tool”. He said that the essence of CBDC is not only against the general cryptocurrency, but also against the basic values of the United States, such as privacy, personal sovereignty and free market.

Interpretation of this information:

The recent warning by U.S. Congressman Tom Emmer about the risks associated with the issuance of a Central Bank Digital Currency has added fuel to the already intense debate on this topic. Emmer highlighted the dangerous consequences of implementing a digital dollar controlled by the government, stating that it has the potential to be used as a monitoring tool that would be highly invasive to privacy and personal sovereignty. The fundamental issue at stake, according to the Congressman, is that the underlying values of the United States, such as free market, individual privacy, and personal sovereignty, may be fundamentally compromised by the implementation of CBDC.

Emmer’s position raises several pertinent points that are worth exploring in greater depth. Firstly, the programmability of CBDC, is seen as its most attractive feature for central banks and governments globally. It allows them to control and monitor transactions, track the flow of money and even implement monetary policy in real-time. However, this attribute has raised concerns about its potential misuse for more intrusive purposes, such as mass surveillance, censorship, and government control over individual financial autonomy.

Secondly, Emmer’s statement challenges the philosophy of centralization versus decentralization in the implementation of cryptocurrencies. CBDC emphasizes centralization while cryptocurrency aims at decentralization, giving power and autonomy to individual holders of currency. The concept of CBDC puts individual privacy at risk and potentially undermines democratic principles such as transparency and accountability.

Thirdly, the implementation of CBDC may disrupt the free market, as it poses a threat to traditional currencies and banking systems. It may also disrupt the livelihoods of millions of people who depend on traditional banking systems. The introduction of CBDC, which is backed by government entities, could potentially undermine the existing functioning market systems.

In conclusion, Congressman Emmer’s message is straightforward – the implementation of CBDC would jeopardize the basic values of the United States, such as privacy, individual sovereignty, and free market. These values are critical in ensuring a democratic and fair society, and losing them would be detrimental to the larger society’s interests. It is crucial to consider these factors carefully before proceeding with the implementation of CBDC or any other digital currency system.