The Threat Posed by a Digital Dollar to Privacy, Personal Sovereignty and Free Market

03/10/2023 12:21 • Tech Trends • 77 views

According to reports, U.S. Congressman Tom Emmer said at an event on the risk of the Central Bank’s digital currency (CBDC) that the digital dollar is “a programmable currency controlled by the government and can easily be weaponized into a monitoring tool”. He said that the essence of CBDC is not only against the general cryptocurrency, but also against the basic values of the United States, such as privacy, personal sovereignty and free market.

U.S. Congressman Tom Emmer: CBDC can easily be weaponized into a surveillance tool

Analysis based on this information:

The announcement that the United States is considering the introduction of a Central Bank Digital Currency (CBDC) has generated controversy, with individuals, politicians, and corporations debating the potential impact of having the government control the country’s currency supply. U.S Congressman Tom Emmer has joined the conversation and expressed his concerns at an event about the risks associated with the CBDC initiative. Emmer argues that privacy, personal sovereignty, and free market principles are threatened by such a move.

Emmer’s assertion that the digital dollar allows the government to monitor economic activity and individuals’ financial behavior is indeed a worrying prospect. A programmable digital currency would permit the government to monitor every transaction, potentially leading to privacy violations, and building a surveillance state. CBDC’s power to track every aspect of spending could quickly spiral out of control if the government desired, making the situation worse.

Additionally, personal sovereignty could be under attack should the government decide to ban, confiscate, or limit an individual or entity’s funds if, for example, they hold unpopular political views or engage in activities, the state deems as undesirable. A CBDC would enable the government to identify, track, and take action against such people, limiting their rights and freedoms.

Furthermore, the notion of a free market does not fit with a government-controlled currency. Money is a fundamental aspect of any economy and central to the concept of the free market. A CBDC controlled by the government would disrupt the free market, eliminating competition and potentially impeding innovation. Emmer argues that a programmable digital currency controlled by the government runs counter to the very principles upon which America was founded.

In conclusion, Congressman Tom Emmer has highlighted the potential risks of the CBDC initiative, which radically changes the monetary system that exists today in the United States. While the US government may have good intentions regarding its efforts to digitize the dollar, the potential harms of such a move are extensive. The proposal could violate personal freedoms, compromise privacy, and undermine free market principles. The government needs to consider these issues carefully before embarking on a CBDC. The United States must strike a balance between innovation and liberty when carrying out this digital transition.

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The Threat Posed by a Digital Dollar to Privacy, Personal Sovereignty and Free Market

U.S. Congressman Tom Emmer: CBDC can easily be weaponized into a surveillance tool

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