Debates on the introduction of a digital dollar in the U.S. are becoming increasingly relevant. The main concerns and views on the topic vary from the necessity to compete with other countries to threats to civil rights.
Concerns About Surveillance
Skeptics like Rep. Tom Emmer warn that a retail CBDC would give the government direct access to citizens' wallets. He champions the Anti-CBDC Surveillance State Act, which passed the House in July, arguing that programmable money without cash-like privacy would allow federal authorities to track or even restrict everyday transactions.
Global Trends in Digital Currencies
While the U.S. debate drags on, other countries are making strides in this area. China’s e-CNY is already operational, while the European Union and India are piloting their own versions. This creates a dissonance between Washington and global political trends. Sheila Warren from the Project Liberty Institute emphasizes that wholesale CBDCs, which resolve issues between banks, may have potential in the U.S., but she doesn't see a retail digital dollar as realistic.
Privacy Risks and the Influence of Stablecoins
While lawmakers frame CBDCs as a privacy threat, other risks are already real. Corporations and AI platforms routinely collect and sell personal data. Warren cites examples of automakers selling driver data, which she considers far more immediate and concerning than a non-existent CBDC. The debates over digital currency in the U.S. become a stage for broader political narratives about government power.
Discussions about the digital dollar raise important questions about the future of money and privacy, while stablecoins gradually occupy their niche in the digital economy.
