U.S. Senator Ted Cruz has introduced legislation to prohibit the Federal Reserve from issuing a central bank digital currency (CBDC) directly to individuals. crypto cryptocurrency bitcoin $BTC
US Senator Cruz Introduces Bill to Prevent Federal Reserve From Using Digital Currency as Surveillance Tool
Stating that “The bill aims to maintain the dollar’s dominance without competing with the private sector” and “It is important to note that the Fed does not, and should not, have the authority to offer retail bank accounts,” the announcement details: Noting that “Unlike decentralized digital currencies like bitcoin, CBDCs are issued and backed by a government entity and transact on a centralized, permissioned blockchain,” the senator warned:
This bill goes a long way in making sure big government doesn’t attempt to centralize and control cryptocurrency so that it can continue to thrive and prosper in the United States. The congressman said, “I’m glad Senator Cruz has agreed to offer a Senate companion to my legislation limiting the Fed’s authorities,” emphasizing:
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