Texas Senator Ted Cruz is proposing legislation to prevent the Federal Reserve from creating a central bank digital currency (CBDC).
CBDCs are the digital form of a country’s fiat money and unlike cryptocurrencies like Bitcoin (BTC), these assets are issued and backed by the government.
Cruz argues that the creation of the CBDC will centralize people’s financial data and leave their information vulnerable to attack. The senator says the US government may also use the digital dollar as a surveillance tool to directly look into the private transactions of Americans.
“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. We should be empowering entrepreneurs, enabling innovation, and increasing individual freedom—not stifling it.”
As the Biden administration looks into the possibility of introducing a CBDC, Cruz says the US government cannot unilaterally establish a central bank currency. The legislator first introduced the bill in 2022.
Florida Governor Ron DeSantis is also pushing back on the digital dollar. The local executive says he does not want to see his Florida use CBDC as a form of money. He is also calling on other states to adopt a similar stance on government-issued digital currency.
Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inboxCheck Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
The post Texas Senator Ted Cruz Launches New Bill To Block US Government From Creating CBDC appeared first on The Daily Hodl.
