United States Senator Ted Cruz of Texas is proposing a bill that would prevent the US government from developing a central bank digital currency (CBDC) that could be used to monitor the financial transactions of American citizens.
According to a press release, Cruz introduces the bill as a complementary piece to Representative Tom Emmer’s legislation, calling for the prohibition of the government from directly issuing a CBDC to individual consumers.
Cruz says the bill aims to stifle any attempts the government would take to centralize cryptocurrencies.
“The federal government has the ability to encourage and nurture innovation in the cryptocurrency space, or to completely devastate it.
This bill goes a long way in making sure big government doesn’t attempt to centralize and control cryptocurrency so that it can continue to thrive and prosper in the United States. We should be empowering entrepreneurs, enabling innovation, and increasing individual freedom – not stifling it.”
Emmer says that he supports Cruz’s bill because it would prevent the United States from becoming like China and spying on its citizens.
“I’m glad Senator Cruz has agreed to offer a Senate companion to my legislation limiting the Fed’s authorities.
The Fed must only craft a CBDC framework that is open, permissionless and private – meaning any digital dollar must be accessible to all, transact on a blockchain that is transparent to all, and maintain the privacy elements of cash.
Anything less puts Americans on the road to [Chinese Communist Party]-style financial authoritarianism.”
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Featured Image: Shutterstock/Tonis Pan/Natalia Siiatovskaia