House Passes Anti-CBDC Bill to Prevent Financial Surveillance of Americans

Published on May 24, 2024

The U.S. House of Representatives passed a bill preventing the government from issuing a Central Bank Digital Currency (CBDC), which could enable surveillance similar to that employed by the Chinese Communist Party (CCP). HR 5403 or the “CBDC Anti-Surveillance State Act” was introduced by Rep. Tom Emmer (R-Minn.) in September. The bill prohibits the U.S. Federal Reserve Bank from “offering products or services directly to an individual, maintaining an account on their behalf of an individual, or issuing a central bank digital currency (i.e., a digital dollar) directly or indirectly to an individual.” In addition, “the Board of Governors of the Federal Reserve System is prohibited from using a central bank digital currency to implement monetary policy or from issuing a central bank digital currency.”...

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