Congressman Tom Emmer of the United States concurred with former President Donald Trump that central bank digital currencies, or CBDCs, pose a risk to financial privacy.In a post on X (formerly Twitter) on January 19, Emmer, the majority whip of the US House of Representatives, expressed his worries, reiterating President Trump’s reservations regarding CBDCs and their possible impact on financial privacy.During a speech in New Hampshire on January 17, Trump made a promise to stop the US Federal Reserve from implementing a CBDC if he were to win the presidency again.
Trump’s strong opposition to CBDCs is due to concerns about the risks of de-banking and the potential for misuse of the currency by political actors.
Citing the support of 75 co-sponsors for his CBDC Anti-Surveillance State Act, Emmer pledged to collaborate with Trump in order to fight what they both see as an increase in government surveillance.If the anti-CBDC bill is approved, it will be an essential measure to restrict government monitoring of people’s financial activities.
Even though Trump previously opposed cryptocurrencies like Bitcoin and others while in office, he has recently entered the market by launching three nonfungible token (NFT) collections.Through his NFT collecting, Trump has earned 1,075 Ether thus far.His notorious mugshot, taken in August 2023 when he turned himself in to authorities in Georgia, was featured in the most recent collection.Legislation opposing the use of a CBDC as money has been submitted in Tennessee, South Dakota, Utah, and South Carolina.The legislation might seriously impede the creation of a CBDC in the US by excluding it from the definition of money.