Down with the MNBCs: a US MP campaigns against the e-dollar

Tempers flare around MNBCs – Currency central bank digital (MNBC) is taking up more and more space in the debates around cryptocurrencies. The number of countries that are thinking about it is constantly increasing and the arguments for and against clash through the media. We recently published an article presenting the positive sides of this financial (r)evolution. Make way today for a convinced detractor in the person of Tom EmmerRepublican congressman from Minnesota.


The MNBC: a deprivation of liberty and a means of spying on the population

On March 9, at the Cato Institute, Tom Emmer said all the bad things he thought of this famous digital currency, during the opening speech of an event around this theme. And he chose his place well, since this institution has been campaigning since the 1970s for a government reduced to a minimum and a strengthening of individual liberties. He exposed several grievances against these digital currencies, which incidentally led him to introduce a bill against them.

Entitled “CBDC Anti-Surveillance State Act”, this is the first text that calls into question the legitimacy of this MNBC proposed by the authorities. Tom Emmer has declaredin front of an audience of specialists, that the programmable digital currency could be transformed into spy tool to stifle politically unpopular activities:

“As the federal government seeks to maintain and expand the financial control it has become accustomed to, the idea of ​​central bank digital currency has gained traction among institutions of power in the United States as a currency government-controlled program that can be easily weaponized into a surveillance tool. »

More individual freedoms and less state.  This is the essence of the discourse of a large part of American Republicans who are not very excited about the central bank digital currency project championed by the Biden administration.  Tom Emmer, congressman from Minnesota spoke recently on this subject.
Tom Emmer would like the future of crypto in the USA to be determined by the people and their representatives, not by the Administration – Source: Twitter

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We need to give power back to the people » according to Tom Emmer

He continues his diatribe suspecting the federal government of wanting to take power away from the people:

“The Biden Administration’s recent actions make it clear that they are not only eager to create a digital dollar, but ready to trade Americans’ right to financial privacy for a surveillance-like digital currency. »

He ended his speech by highlighting the rather decentralized cryptocurrencies which could be a solution to the monetary mismanagement of the federal system. For him, they could put privacy, individual sovereignty and the free market back at the heart of a new system. This would ultimately be a return to the sources and fundamental values ​​of the American pioneers, again according to the parliamentarian.

Tom Emmer echoes a whole section of American public opinion which takes a dim view of this MNBC. Will his bill be enough to brake the inexorable advance of digital dollar ? Answer in a few months… But in the meantime the digital yuanone of its competitors, advance by leaps and bounds.

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