US Representative Tom Emmer Agrees With Donald Trump's Opinion On The Threat Of Financial Privacy From Central Bank Digital Currency

US Representative Tom Emmer agrees with Donald Trump's opinion on CDBC (photo: x @GOPMajorityWhip)

United States Representative Tom Emmer, who is also the majority representative in the US House of Representatives, said he agreed with former President Donald Trump's views on the central bank's digital currency (CBDC) as a threat to financial privacy. Emmer expressed concern through a post on X (formerly Twitter) on January 19, which is in line with Trump's concerns about CBDC and potential threats to financial privacy.

On January 17, in a campaign speech in New Hampshire, Trump pledged to prevent the US Federal Reserve from introducing CBDC in the United States if elected president for the second time.

Trump's strong opposition to CBDC is due to concerns about de-banking risks and potential currency abuse by political actors. Emmer expressed his commitment to working with Trump in opposing what they consider an expansion of government oversight, referring to his CBDC State Anti-Surveillance Bill, which is backed by 75 colleagues.

If the proposed anti-CBDC legislation is passed, it will be an important step towards limiting government oversight of individual financial transactions.

Although Trump has previously disagreed with Bitcoin and other cryptocurrencies during his presidency, he has been involved in the crypto space by introducing three collections of nonfungible tokens (NFTs) since leaving his post.

So far, Trump has generated 1.075 Ether from his NFT collection. The latest collection includes a controversial photo of the mugshot when he turned himself in to authorities in Georgia in August 2023.

In some states such as Utah, South Carolina, South Dakota, and Tennessee, a bill has been submitted that refuses to refer to CBDC as money. The bill will rule out CBDC from the definition of money and could create major barriers to its development in the United States