As an analyst with a background in financial privacy and technology, I view the passage of the CBDC Anti-Surveillance State Act as a crucial step towards preserving individual financial freedom and privacy. The growing unease among the public regarding government intrusion into their financial transactions is not unfounded, especially given the potential risks associated with a centrally controlled digital currency.
The US House of Representatives has approved the CBDC Privacy and Protection Act, a major step forward in regulatory legislation regarding Central Bank Digital Currencies (CBDCs).
Amid growing concerns from the general public and consumers over privacy issues and the potential encroachment of the government in the financial sector, particularly with regards to the proposed Central Bank Digital Currency (CBDC), this decision has been made.
Anti-CBDC Bill Passed
Supporters of financial freedom celebrate the passing of the CBDC Anti-Surveillance State Act, marking a significant victory in preserving the public’s control over digital currency policies against the executive branch’s discretion.
BREAKING
House passes CBDC Anti-Surveillance State Act.
Federal Reserve blocked from issuing a CBDC.
There is still hope. Study #Bitcoin— Alexander Ellefsen (@4lexEllefsen) May 23, 2024
With Congressman Tom Emmer leading the charge, the proposed legislation has gained strong support from various groups, indicating a bi-partisan sense of urgency regarding the potential risks of a state-managed digital currency.
As a crypto investor, I can tell you that organizations like the American Bankers Association and the Blockchain Association, along with other financial players, have played a significant role in opposing Central Bank Digital Currencies (CBDCs). Their concern stems from the potential risks of CBDCs allowing excessive surveillance and control, which is generally unwelcome among Americans.
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2024-05-23 21:19