Bill to block retail CBDCs in Texas? Senator Ted Cruz suggests...
U.S. Senator Ted Cruz introduced legislation to block the Federal Reserve from issuing a retail CBDC.Texas Senator Ted Cruz introduced legislation to block the Fed’s attempt to develop a
. The Republican senator argued that a retail CBDC could be used as a financial surveillance tool by the government. He has previously introduced this bill in 2022 as well.dated 21 March from the senator’s office, the bill to block CBDC is co-sponsored by Senators Mike Braun and Charles E. Grassley. Senator Cruz argued that CBDCs don’t protect financial privacy or maintain the dollar’s dominance.
He added that they promote innovation that could be used to collect users’ personally identifiable information and track their transactions. Moreover, a CBDC issued and backed by a government entity would centralize Americans’ financial information, making it vulnerable to attack.“The federal government has no authority to unilaterally establish a central bank currency.
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