Redacted | 23 September 2023
Minnesota Representative Tom Emmer proposed a ban on central bank digital currencies this week. The bill that would halt the federal government from issuing a central bank digital currency. It is called the CBDC Anti-Surveillance Act. The bill says that crypto currency should not be owned by governments. This distinction is missed by most people and it is an important one. CBDCs are NOT cryptocurrencies. By definition, cryptocurrencies must be deregulated, untraceable and outside of government control. CBDCs are the opposite of that. They are issued, monitored and regulated by federal governments. A CBDC is a scary concept in the hands of the government. Not only would this increase the cost to bank because it would get rid of interest-bearing accounts, it would also give the government the ability to enact policy through your money and act as the bank.