Tom Emmer and Donald Trump are top Republican representatives who have shared concerns regarding CBDCs. The reps say that a digitized form of fiat is an extension of surveillance instruments for state-based agencies.
Speaking on the matter, representative Emmer agreed with the stance of former President Donald J. Trump towards CBDCs. Government officials believe that the digital dollar may pose a threat to the financial privacy of investors.
CBDC to Violate Financial Privacy of Investors
Rep. Emmer is the majority whip in the House of Representatives who shared his remarks on X on 19th January. His statement reiterated the stance of former US president Trump regarding reservations about CBDCs and the matter of maintaining financial autonomy for citizens. On 17th January, 2024 the former president spoke during a campaign speech in New Hampshire.
He took a pledge to negotiate with the Federal Reserve to stop the issuance of a new CBDC in the United States as part of his reelection promise. Rep. Emmer seconded his opinion by noting that CBDCs violate the right of American citizens to financial privacy.
Former President Expresses his Concerns about CBDCs
Rep. Trump is also participating as a presidential candidate in the upcoming elections. He highlighted the risks associated with de-banking and misuse of CBDCs for political matters. Rep. Emmer reinforced his intention to work alongside Rep. Trump on this matter.
He stated that he sides with the stance of Rep. Trump about CBDCs utilization as government surveillance expansion. At the same time, he also quoted the Anti-Surveillance State Act which has the backing of 75 co-sponsors.
If the act is approved and added to the law, it will ensure the prevention of government surveillance of financial records and transactions of citizens. In 2019, the former president expressed his disapproval of various types of cryptocurrencies such as Bitcoin and Libra while reinforcing support for US Dollar.
His tweets from the time indicate that he does not support Bitcoin and other cryptocurrencies as money and retains that their value is highly volatile. He also linked cryptocurrencies with illegal activities such as drug trade etc. However, he proceeded to invest in blockchain projects after launching various NFT collections after his presidency tenure.
Trump Raises Massive Profits from NFT Collection
On the other side, it is important to note that various Republican majority states such as Tennessee, Utah, and South Dakota have filed for CBDC bills to obstruct them from getting a classification as money. Florida Governor Ron DeSantis signed a bill that restricts the use of CBDCs in the state. The bill also bans the utility of CBDCs issued by foreign governments.
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