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Republicans cited privacy concerns as a reason for opposing a central bank digital currency for consumers
Senate Republicans are introducing a bill to block the Federal Reserve and the Biden administration from moving forward with a central bank digital currency.
Sen. Ted Cruz (R-Texas) introduced the bill, which would prohibit the Federal Reserve System from moving forward with a direct-to-consumer central bank digital currency (CBDC) that would effectively be a dollar-based cryptocurrency. The federal government has been researching the possibility of a U.S. CBDC under an executive order President Joe Biden signed in March 2022.
“The federal government has no authority to unilaterally establish a central bank currency,” Cruz said in announcing the bill’s introduction. “The 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.”
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