New Bill Introduced to Reform Financial Privacy Laws, Targeting CBDCs

A new bill, the Saving Privacy Act, has been introduced to reform financial privacy laws. This legislation aims to amend existing codifications of financial privacy, introduce prohibitions on central databases holding personally identifiable information (PII) and central bank digital currencies (CBDCs), and establish criminal penalties for government officials who violate these provisions. The bill comes amid growing concerns that CBDCs could undermine financial privacy, as highlighted by a report from @aier.