Stopping the Federal Reserve from issuing the central bank’s digital currency – that’s the goal Senator Ted Cruz has set for himself. He presents a bill to protect Americans from the negative consequences of CBDC.
Ted Cruz on the side of Bitcoin
Ted Cruz is a Republican senator and a lawyer by the way. He is known in the crypto space, for his extremely positive attitude towards the cryptocurrency market and Bitcoin in particular. In recent days, he introduced a bill that aims to stop the Federal Reserve from releasing CBDC. This follows the idea of Congressman Tom Emmer, who came out with a similar initiative in January.
According to the bill’s creator, CBDC is not an opportunity, but a threat. He cites the example of China, where CBDC is not just a way of keeping the yuan digital, but more importantly a sophisticated method of controlling society. He points to the similar desire of some US politicians, such as Elizabeth Warren. He states:
“Both the Chinese Communists and Elizabeth Warren want to control your assets, your savings, your speech, your life, your children, your every decision.”
According to Cruz, cryptocurrencies represent freedom and decentralization. These are values that he also stands for. These are aspects that the authorities should not control. In his opinion, Bitcoin is an ideal solution based on blockchain. It can be used for peer-to-peer money transfers. In principle, this excludes the tool of control and the ability to influence transactions. Nevertheless, the bill presented by Cruz gives back to the dollar the primacy of dominance within the United States. However, he sensitizes:
“The federal government has the ability to foster and nurture innovation in the cryptocurrency space or destroy it altogether. This bill goes a long way toward ensuring that big government does not try to centralize and control cryptocurrencies so they can continue to grow and prosper in the United States. We should be empowering entrepreneurs, enabling innovation and increasing individual freedom, not stifling it.”
CBDC is growing in popularity
According to unofficial leaks from global financial institutions, the list of countries interested in launching a central bank virtual currency (CBDC) continues to grow. Currently, dozens of countries are already researching or even working on the issue. Some of them are inclined to adopt blockchain technology in the form of CBDC, while eliminating cryptocurrencies. The most famous example of this kind is the aforementioned China, which in the first half of 2021 completely banned both Bitcoin mining and any transactions with it.
