Texas Senator Ted Cruz has introduced legislation to prevent the Federal Reserve and the Biden administration from creating a central bank digital currency. Cruz, alongside Senators Mike Braun and Chuck Grassley, argued that such a currency would increase government surveillance and control of private citizens.
They maintained that the centralization of financial information would make the country vulnerable to cyberattacks and resultant economic disruption. A central bank digital currency would allow the Federal Reserve to monitor the transactions of all Americans and could see it become a retail bank. Nations including China, Australia, Japan, India, Russia, and South Korea are already exploring central bank digital currencies, which have already been established in the Bahamas, Nigeria, and Jamaica.
Senator Cruz contended that the establishment of a central bank currency is outside the purview of the federal government. He further asserted that his bill seeks to prevent big government from attempting to centralize or exert control over cryptocurrency. According to Cruz, the proposed legislation would foster an environment that enables cryptocurrency to flourish in the United States, encourages innovation and entrepreneurship, and enhances individual freedom:
“The federal government has no authority to unilaterally establish a central bank currency,”
“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. We should be empowering entrepreneurs, enabling innovation, and increasing individual freedom, not stifling it.”
The legislation would ban monetary policymakers from implementing the technology, stating that entrepreneurs should be empowered, innovation enabled, and individual freedom increased, rather than stifled. The majority of Americans oppose the adoption of a central bank digital currency, particularly if the technology induced the end of physical cash or allowed the government to monitor financial transactions.
Republican presidential candidates are set to debate central bank digital currencies, with asset management executive Vivek Ramaswamy calling on all Republican candidates to denounce the digital assets. Florida Governor Ron DeSantis unveiled a proposal to prohibit the use of central bank digital currencies in Florida and encourage other states to follow suit, while South Dakota Governor Kristi Noem vetoed legislation that would have classified the asset as money in South Dakota.
Hooray Yes, & let EU do 666 route
Go Cruz we don’t need this gov’t over reach!!!!!!! Another way to take away our freedoms.
Every day its some other scheme herd us like cattle. They try to hide thier stuff but want
us to be an open book??? Highly lopsided!!! What’s next???? The freedoms we are losing
with this current admin is not right….
If we continue to act like sheep and vote for liberals, they will herd us like cattle.
Digital currency is evil in the way the Central Bank wants to implement it, can you say “NWO” and a life of slavery and punishment? Digital currency is a beginning to downfall, a system they can turn your money on and off at a whim…. sorry, (not sorry) not my party!!
Good bill. I don’t want the Federal government tracing my money. In fact, the income tax should be replaced with the Fair Tax so there is no need for the government to know my personal financial information. Imagine never again having to file an income tax return every year, and everyone paying his fair share (no tax shelters for favored special interest groups).