US Senator Ted Cruz Introduces CBDC Development Ban Bill

Key Points:

• US Senator Ted Cruz is working to prevent the Federal Reserve from creating a central bank digital currency (CBDC).
• The announcement emphasizes the importance of ensuring that U.S. digital currency policy.
• According to Ted Cruz, CBDC centralizes Americans’ financial information, making it vulnerable to hacking.

US Senator Ted Cruz has introduced a bill that would ban the Federal Reserve from developing a direct-to-consumer central bank digital currency (CBDC).

US Senator Ted Cruz (R-TX) announced Tuesday that he has reintroduced a bill that would ban the Federal Reserve from developing a direct-to-consumer central bank digital currency. can be used as a financial monitoring tool by the federal government.

“The federal government has no authority to unilaterally establish a central bank currency,(…). This bill goes a long way in making sure big government doesn’t attempt to centralize or control cryptocurrency and instead, allows it to thrive in the United States.”

Cruz said in a press release.

The bill, co-sponsored by Senators Braun (R-IN) and Grassley (R-IA), was first introduced last March.

The declaration emphasizes how crucial it is to make sure that U.S. digital currency policy safeguards financial privacy, upholds the dollar’s hegemony, and promotes innovation.

The lawmaker warned that it could be used as a tool to monitor the Federal government’s finances.

“The American people must be able to spend their money the way they choose without the ability for the government to be able to track every transaction,”

Another senator said.

The Texas senator pointed out that unlike decentralized cryptocurrencies like bitcoin, CBDCs consolidate financial data on Americans, making it more susceptible to attacks.

Reportedly, Senator Cruz is a bitcoin investor who buys BTC weekly. Expressing strong optimism towards the cryptocurrency, he explained that he is bullish on BTC because it is decentralized and untraceable.

In January of this year, he introduced a resolution encouraging Capitol gift shops to accept cryptocurrencies.

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