Rep. Emer and Trump have united against CBCCs, citing privacy concerns
U.S. Representative Tom Emmer has criticized former President Donald Trump's view of central bank digital currencies (CBDCs) as a threat to financial privacy.
Emmer, the majority whip in the US House of Representatives, echoed Trump's concerns about CBDCs and financial privacy in a Jan. 19 tweet on X (formerly Twitter).
On January 17, during a campaign speech in New Hampshire, Trump promised to prevent the US Federal Reserve from introducing CBDCs in the United States if elected for a second term.
I agree with President Trump; CBCCs pose a serious threat to Americans' right to financial privacy. I look forward to working with him as we continue the fight to prevent the expanding state of government surveillance.
— Tom Emmer (@GOPMajorityWhip) January 19, 2024
Trump has faced strong opposition to CBCCs because of concerns about the risks of bank defaults and the potential for political actors to misuse the currency.
Emmer also expressed his commitment to working with Trump to oppose what they both see as an expansion of government surveillance, citing the CBDC Anti-Surveillance State Act, which was co-sponsored by 75 co-sponsors.
If the proposed anti-CBDC legislation is passed, it would serve as a critical deterrent to limiting government surveillance of individuals' financial transactions.
RELATED: Florida Governor, Who Promised CBDC Ban, Places Second in Iowa Caucus
While Trump previously rejected bitcoin and other cryptocurrencies during his presidency, he has entered the crypto space by introducing three sets of non-fungible tokens (NFTs) after leaving office.
Trump has made 1,075 Ether (ETH) from his NFT collections so far. The latest collection It includes a famous mugshot of him captured when he surrendered to authorities in Georgia in August 2023.
Bills opposing CBDC have been proposed in the states of Utah, South Carolina, South Dakota and Tennessee. The bills could take CBDC out of financial context and create significant avenues for its growth in the United States.
Magazine: HK gaming company to buy $100m crypto treasury, China/UAE CBCC deal: Asia Express
