US Senator Ted Cruz announced on Tuesday that he has reintroduced a "bill that would ban the Federal Reserve from directly developing a central bank digital currency for consumers, which could be used by the federal government as a tool for financial surveillance." The bill, supported by Senators Braun and Grassley, was first introduced in March of last year.
CBDCs may allow entities such as the Federal Reserve to mobilize into a retail bank, collect personal information about users, and track their transactions indefinitely.
The Texas Senator noted that unlike decentralized cryptocurrencies such as Bitcoin, CBDCs "centralize Americans' financial information, making it vulnerable to attack."
"The federal government does not have the authority to unilaterally introduce central bank currency. We must expand opportunities for entrepreneurs, implement innovation, and expand personal freedom, not strangle it."
"Allowing the government to centralize Americans' financial information and strengthen surveillance of Americans' financial activity is simply a bad idea," Senator Braun noted. The American people should have the ability to spend their money as they choose without the government being able to track every transaction.
It is worth noting that Senator Cruz is a Bitcoin investor who buys BTC on a weekly basis. Expressing strong optimism about the cryptocurrency, he explained that he is optimistic about BTC because it is decentralized and unregulated. In January of this year, he introduced a resolution encouraging Capitol gift shops to accept cryptocurrency.
This week, Florida Governor Ron DeSantis proposed banning the use of federally adopted CBDC as money in his state.
Federal Reserve Chairman Jerome Powell said the Fed is not at a stage of making any real decisions on CBDC. "We haven't made a decision to pursue or deploy a CBDC," he said.
Thus, it is hard to believe that the Federal Reserve, according to its chairman, is not developing and does not intend to implement a CBDC. But the most important thing is that there are representatives in the US Congress who want to legislatively prohibit the digital dollar even before its official introduction.
Unfortunately, neither in Russia nor in other countries are there any hints among lawmakers of a desire to prevent the introduction of total surveillance of all citizens' expenses. Everyone obediently accepts the instruments imposed by global financial authorities for total surveillance of citizens and depriving them of the ability to preserve the results of their labor.