ledgernoise.com
Daily Crypto News

Cruz Introduces Bill To Block Fed, ‘Big Government’ From Establishing A CBDC


Republican Senator Ted Cruz of Texas has introduced a bill aimed at prohibiting the Federal Reserve from establishing a central bank digital currency (CBDC).

The bill, cosponsored by fellow Republican Senators Mike Braun of Indiana and Chuck Grassley of Iowa, seeks to prevent the federal government from using a CBDC as a financial surveillance tool.

Central bank digital currencies, unlike decentralized digital currencies like Bitcoin BTC/USD, are issued and backed by a government entity and transact on a centralized, permissioned blockchain.

See Also: Bitcoin’s Bull Run Is Unstoppable: 5 Experts Forecast Next Highs, Factors Driving the Market

The bill’s sponsors argue that a CBDC model could centralize Americans’ financial information, making it vulnerable to attack and allowing it to be used as a direct surveillance tool into private transactions.

“The federal government has no authority to unilaterally establish a central bank currency,” Cruz said. “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.”

Braun also chimed in.

“Allowing the government to centralize Americans’ financial information and increase surveillance of Americans’ financial activity is simply a bad idea,” Braun said. “The federal government should not have even more control over your own money. I support this legislation to allow entrepreneurship to prosper and keep the federal government from further encroaching on your privacy rights.”

Grassley emphasized the importance of financial privacy, saying, “The American people ought to be able to spend their money how they choose without the possibility that every transaction could be tracked by the government.

A policy this impactful should be made by Congress, not government bureaucrats, he added.

“Every American deserves that peace of mind,” he said.

Next: Are Your NFTs Safe from the IRS? The Shocking Truth Behind New Tax Proposals



Read More: Cruz Introduces Bill To Block Fed, ‘Big Government’ From Establishing A CBDC

Disclaimer:The information provided on this website does not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the website’s content as such. NewsOfBitcoin.com does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.