Stephen Katte at ZeroHedge via The Epoch Times
A group of Republican senators led by Sen. Ted Cruz (R-Texas) has introduced a proposal that would bar central bank digital currencies (CBDC) from being implemented without prior authorization by Congress.
CBDCs are a digital form of a country’s currency, such as the American dollar, that’s backed and controlled by a nation’s central bank. Digital currency advocates say it could improve payment efficiency and expand financial inclusion for populations with limited access to the financial system.
Critics argue that CBDCs have the potential to allow new levels of government interference in people’s finances, provide new avenues for government corruption, and even potentially destabilize the economy, among other concerns.
Sen. Cruz was joined by Sens. Bill Hagerty (R-Tenn.), Rick Scott (R-Fla.), Ted Budd (R-N.C.), and Mike Braun (R-Ind.) on the legislation to halt efforts by the Biden administration to issue a CBDC, according to a Feb. 26 statement from Mr. Cruz’s office.
“The Biden administration salivates at the thought of infringing on our freedom and intruding on the privacy of citizens to surveil their personal spending habits, which is why Congress must clarify that the Federal Reserve has no authority to implement a CBDC,” Mr. Cruz said.
“I’m proud to lead the fight in the Senate to restrict…
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