- They are against the use of CBDC in the state
- Previously, such a law was passed in Florida
Texas legislature introduced bill to ban central bank digital currency (CBDC). The text says that:
“Retail CBDCs create a direct link between the Fed and consumers. This could lead to an unprecedented level of government oversight and control over private money and transactions.”
139 votes were in favor of this amendment, 2 were against. However, for the final approval, the resolution must go through hearings in other branches of government.
On the eve of the US presidential election, the topic of CBDC is causing heated discussions among politicians. And recently, Florida became the first US state to completely ban the digital dollar. This legislation was pushed through with the help of Biden’s outspoken critic, Governor Ron DeSantis.
Florida’s position against CBDC is that the technology is a form of government control. Republicans believe CBDCs undermine private transactions by giving too much power to central banks.
Moreover, such discussions have a deeper conflict with Washington’s domineering economic policies.
The concept of a digital dollar is also criticized by representatives of the crypto industry. After all, decentralized cryptocurrencies are a means of protection and economic autonomy. Recent attempts to implement CBDC payment systems go against the original principle of Bitcoin.