Senator Ted Cruz believes a retail CBDC would be used as a government surveillance tool and has introduced a bill to Congress to stop its development.
Cruz’s anti-CBDC bill has the backing of Republican Senators Mike Braun of Indiana and Chuck Grassley of Iowa.If the bill is passed into law, it would ensure that the state isn’t “snooping” on the finances of hardworking Americans, Grassley stated:
"The American people ought to be able to spend their money how they choose without the possibility that every transaction could be tracked by the government."a similar bill on March 30, 2022 to prohibit the Fed from issuing a CBDC directly to individuals.Meanwhile, considerable progress is being made on a U.S. dollar CBDC sinceto “Ensuring Responsible Development of Digital Assets” in March, 2022.
In November, the Federal Reserve Bank of New York and several large financial firms including BNY Mellon, Citi, HSBC, and Wells Fargo participated in a
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Ted Cruz and Texas Republicans decry potential Trump arrest, call it a gift to his campaignAhead of Saturday Texas visit, Trump urges his supporters to protest in an effort to build support ahead of a potential prosecution.
Read more »
Ted Cruz introduces bill blocking Fed from adopting central bank digital currencySenator Ted Cruz introduced legislation banning the Federal Reserve from moving forward with a central bank digital currency that would be available for use by consumers.
Read more »
IMF examines CBDC design in context of Islamic banking, finds some risks magnifiedThe International Monetary Fund has published a paper on how central bank digital currency use may unintentionally impact monetary policy, particularly in Islamic banking.
Read more »
India’s Central Bank Seeking Privacy Legislation for Retail CBDC UsersSCOOP: India's central bank (RBI) is asking the government for legislation that would allow customers of its retail CBDC to delete transactions in order to maintain their anonymity. By amitoj
Read more »
Bidens to host 'Ted Lasso' cast at White House to promote mental healthJason Sudeikis, who plays the title character - an American coaching a soccer team in London - and other members of the cast will meet with the Bidens 'to discuss the importance of addressing your mental health to promote overall wellbeing,' the White House said.
Read more »