The launch of a central bank digital currency (CBDC) would be “extremely dangerous” for society, as it would give the government access to every transaction. This was stated by Texas Republican Senator Ted Cruz during the Bitcoin Policy Summit.
“I am very concerned about the risk of CBDC,” Cruz said.
In his opinion, the intention to use the digital currency of the Central Bank is dictated by the desire to “destroy the entire value of bitcoin, destroy anonymity and decentralization.”
“The same people who want to see CBDC hate bitcoin and cash. Let’s be clear, they don’t like cash for exactly the same reason I love them – they’re not subject to centralized control. […]. And so I hope we see growing resistance to CBDC,” the senator said.
He praised the first cryptocurrency, citing a limited supply of 21 million coins as its advantages. In his opinion, this is especially important “when you have irresponsible politicians in Washington who spend money like drunken sailors.”
“Which is really unfair to sailors because at least they are spending their own money,” the senator added.
The politician also noted that he invests in the asset:
“I have a little over 2 BTC and I want some more. I bought back the fall, which suited me just fine, but I’m a long-term investor,” he remarked.
In March, Cruz introduced a bill banning Fed launch a consumer-facing CBDC. This is his second attempt to push the document – a year earlier, Senator developed a similar document that did not progress beyond the review stage.
Recall that in early March, US Congressman Tom Emmer also spoke out against the digital dollar. In his opinion, CBDC technology offends American values and can contribute to “financial control” over citizens.
Earlier, he introduced a bill to protect “financial privacy” when using the central bank’s digital currency. The main point of the document is a ban on the Fed from distributing CBDC to individuals.
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The launch of a central bank digital currency (CBDC) would be “extremely dangerous” for society, as it would give the government access to every transaction. This was stated by Texas Republican Senator Ted Cruz during the Bitcoin Policy Summit.
“I am very concerned about the risk of CBDC,” Cruz said.
In his opinion, the intention to use the digital currency of the Central Bank is dictated by the desire to “destroy the entire value of bitcoin, destroy anonymity and decentralization.”
“The same people who want to see CBDC hate bitcoin and cash. Let’s be clear, they don’t like cash for exactly the same reason I love them – they’re not subject to centralized control. […]. And so I hope we see growing resistance to CBDC,” the senator said.
He praised the first cryptocurrency, citing a limited supply of 21 million coins as its advantages. In his opinion, this is especially important “when you have irresponsible politicians in Washington who spend money like drunken sailors.”
“Which is really unfair to sailors because at least they are spending their own money,” the senator added.
The politician also noted that he invests in the asset:
“I have a little over 2 BTC and I want some more. I bought back the fall, which suited me just fine, but I’m a long-term investor,” he remarked.
In March, Cruz introduced a bill banning Fed launch a consumer-facing CBDC. This is his second attempt to push the document – a year earlier, Senator developed a similar document that did not progress beyond the review stage.
Recall that in early March, US Congressman Tom Emmer also spoke out against the digital dollar. In his opinion, CBDC technology offends American values and can contribute to “financial control” over citizens.
Earlier, he introduced a bill to protect “financial privacy” when using the central bank’s digital currency. The main point of the document is a ban on the Fed from distributing CBDC to individuals.
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Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!