Liberals rally for Commie-type Central Bank Digital Currency

“We’re allowing 130 other countries that are all researching this CBDC idea, we’re allowing them to take the initiative away from the United States,” declared Rep. Stephen Lynch (D-Mass).

This is the Democrats’ excuse for pushing Central Bank Digital Currency that will allow invasive and dangerous technology.

According to Representative Tom Emmer (R-Minn), he introduced the Central Bank Digital Currency Anti-Surveillance State Act to oppose efforts of the Biden Administration to use CBDC as a financial surveillance tool “that will undermine the American way of life.”

“The administration has made it clear: President Biden is willing to compromise the American people’s right to financial privacy for a surveillance-style CBDC. That’s why I’m reintroducing my landmark legislation to put a check on unelected bureaucrats and ensure the United States’ digital currency policy upholds our values of privacy, individual sovereignty, and free-market competitiveness.”

“Unlike decentralized cryptocurrencies, a central bank digital currency is a digital form of sovereign currency that is designed and issued by a government and transacts on a digital ledger that is controlled by that government,” Emmer said.

The bill pushed by Rep. Emmer is also necessary to safeguard the US. According to Rep. Warren Davidson, “CBDC is “antithetical to western civilization.”

If the CBDC was implemented the government would have full access to monitor financial transactions and spending habits, thus eventually intruding on one’s privacy.

Democrats’ CBDC proposal also lacks support from the public. In a survey conducted by the New Cato Institute 2023 CBDC National Survey Report, only 16% of Americans support CBDC.

Based on a poll by YouGov, 34 percent directly opposed CBDC while 49 percent don’t have an opinion yet.

This means that the public is more wary of the risks than welcoming to the so-called benefits of CBDC.

Furthermore, the poll also revealed about 74 percent of respondents oppose CBDC if it would allow the government to control their spending, 68 percent if it could track their spending, 68 percent if it meant that the abolishment of US cash, that a CBDC could allow cyberattacks (65 percent), that the government could impose tax on Americans who refuse to spend money during recessions, or that the government could freeze their digital bank accounts of political protesters (59 percent).

Republican lawmakers also highlighted that there had been no authorization to establish CBDC for anyone yet.

Digital currencies have been launched in China, Canada, and Jamaica. In 2020, communist China expanded the digital yuan in time for the 2022 Olympic Winter Games. China’s digital yuan, e-CNY, is designed to increase the government’s powers of surveillance and control — a surveillance coin.