Texas senators introduced bill on a total ban on central bank digital currency (CBDC) in the state.
The paper details the disadvantages of the technology for citizens of the United States.
“Retail CBDCs are issued to the general public, creating a direct link between the Federal Reserve and consumers. This could lead to an unprecedented level of government oversight and control over private funds and transactions,” the bill says.
Texas Senator Ted Cruz added that the introduction of central bank-issued digital assets is “extremely dangerous” to society. In his opinion, the technology poses huge privacy risks.
Cruz already issued a similar bill in March. Then he said that the authorities should not create a product that “can be used by the federal government as a financial oversight tool.”
In parallel, the state of Florida has already passed a law banning CBDC.
Florida Bans a Central Bank Digital Currency https://t.co/S8UfWrLZyc
— Ron DeSantis (@GovRonDeSantis) May 12, 2023
The document was signed by Governor Ron DeSantis. In his opinion, law “Protect the people of Florida from a Biden administration that wants to weaponize the financial sector through the CBDC.”
Both bills prohibit the use of the digital dollar as a payment instrument at the federal level.
Recall that in April, Robert Francis Kennedy Jr., nephew of the 35th US President John F. Kennedy, also criticized the CBDC. He called such assets “the highest mechanism of social monitoring and control.”
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