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The former chair of the Commodities Futures Trading Commission thinks central bank digital currencies (CBDCs) should move from &#34;surveillance coins&#34; to &#34;freedom coins&#34; in the US.Christopher Giancarlo wrote in The Hill on March 13 that the U.S. &#34;must influence&#34; CBDC development to defend &#34;democratic values like freedom of speech and the right to privacy&#34; via bitcoin protocols. The Digital Dollar Project, co-founded by Giancarlo, studies the effects of a U.S. CBDC. He and API fellow Jim Harper wrote a March 1 paper for the American Enterprise Institute on privacy.He claimed the U.S. should support a &#34;freedom coin&#34;—a CBDC with maximum privacy. In the study, Giancarlo and Harper suggested that CBDCs may &#34;reassess modern financial surveillance activities&#34; and strengthen constitutional protections. The authors suggested &#34;intelligent enforcement&#34; of crime prevention using these technology.First, the U.S. must review banking surveillance policies. The authors criticized one recent document from U.S. President Joe Biden&#39;s administration: ”The OSTP document showed “unwillingness to advance beyond today&#39;s constitutionally questionable financial surveillance system,” they said.Giancarlo and Harper said the OSTP&#39;s proposed AML and KYC standards allowed too much surveillance without probable cause. They stated that CBDCs may be employed in China if privacy isn&#39;t assured. The People&#39;s Bank of China&#39;s visibility of all e-yuan transactions &#34;would empower the Chinese government to link political conformity to individual prosperity and condemn political dissenters to poverty,&#34; they said.U.S. Senator Tom Emmer, a vocal opponent of a CBDC who sponsored the CBDC Anti-Surveillance Act in 2022, shares the writers&#39; concerns. Emmer worries about a CBDC that &#34;tracks transaction level data down to the individual user&#34; and can &#34;block out politically unfavorable conduct.&#34; U.S. House Blockchain Caucus co-chair Emmer.

CBDCs Should Protect Privacy, not be a Surveillance Tool: Former CFTC Chair

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