• The Minnesota Congressman has introduced a bill that seeks to protect citizens from surveillance and uphold financial privacy.
• Market experts are opposed to the launch of a Central Bank Digital Currency (CBDC) which can easily be weaponized against users.

Minnesota congressman Tom Emmer has reintroduced a bill that seeks to protect U.S. citizens from any possible surveillance through a Central Bank Digital Currency (CBDC). The CBDC Anti-Surveillance State Act aims to protect users from monitoring and tracking by government authorities. It further aims to uphold financial privacy rights.

Since being introduced on September 12th, the bill has received support from 50 co-sponsors. It is important to note that the bill does not prevent the federal government from issuing a CBDC but opposes one that can be monitored and tracked by authorities. The bill merely seeks to safeguard financial privacy rights. Emmer accuses the Biden administration of undermining financial privacy rights and establishing a CBDC that can be used by authorities to monitor and track the financial activities of citizens.

The launch of a CBDC has raised various concerns in regard to privacy. Market experts are wary that governments will be able to track all transactions in real-time, essentially tracking the users’ location and activities in real time. One such example of the level of control that the government will yield is already in work in China. The government of China is able to track all its citizens and access their bank accounts. This has made it possible for the government to capture traffic offenders in real time, fine them, and automatically deduct the fine from their bank accounts.

In addition, authorities will be able to control what these funds can be used to purchase and not to purchase. Users can further be cut out of the system by the issuer if they deem as such. This level of control is being opposed by some regulators and nearly all market experts.

Monero, Zcash, and Dash Offer True Financial Freedom

In the wake of these privacy concerns, privacy-centric coins are experiencing a growing interest. Monero, Zcash, and Dash are three of the most popular privacy-oriented cryptocurrencies in the market. Unlike other cryptocurrencies whose every transaction is public and easily tracked on the blockchain, privacy coins conceal information about the sender, receiver, and even the amount being transferred.

At the core, Monero, Zcash, and Dash are built to protect the right to financial privacy. This makes them the ideal coins for users seeking true financial freedom.

Owing to the threat they pose to world governments, the coins are under threat from regulators who constantly accuse them of being used for illegal activities. Regulators say the coins are mostly used by money launderers, terrorists and to purchase illegal products. While there are bad actors using the coins for these, recent data shows that this accounts for a small percentage of the total. Nevertheless, this has led some governments such as South Korea, Japan, and Australia to bad them. In a majority of Western countries, the regulators have pressurized exchanges not to offer the coins. However, they remain popular worldwide.