AFPI: A CBDC ‘Would Represent the Greatest Threat to What Little Financial Privacy and Data Security Americans Enjoy’
The American Principles Project Foundation (AFPI) has released a report warning about the potential dangers of introducing a Central Bank Digital Currency (CBDC) in the United States. The report highlights the following key points:
- Introducing a CBDC could give the government unprecedented access to citizens’ financial transactions, jeopardizing their privacy.
- A CBDC might enable authorities to selectively exclude certain groups from the financial system, as exemplified by the covert Operation Choke Point under the Obama administration.
- Granting the federal government unchecked power to access and potentially censor Americans’ financial data and assets is a significant concern.
- The Federal Reserve’s recent missteps, such as inflation and major bank crashes, raise doubts about its capacity to launch a CBDC.
- The AFPI report emphasizes that it is Congress, not the Fed, that should have the authority to decide on the creation of a digital dollar.
The report concludes that while payment innovations can be beneficial, they should not come at the expense of consolidating fiscal control under the Federal Reserve. AFPI calls on Congress to establish clear boundaries on the Fed’s ability to initiate a CBDC, highlighting the potential invasions of privacy and loss of autonomy. Several politicians, including U.S. congressman Warren Davidson and presidential candidates Vivek Ramaswamy, Robert F. Kennedy Jr., and Ron DeSantis, have also voiced concerns and opposition to CBDCs.
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