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Senators in the United States are opposing Joe Biden’s plans for a central bank digital currency (CBDC).

Confusion in the financial world! 🏛️🇺🇸 Senators in the United States are opposing Joe Biden’s plans for a central bank digital currency (CBDC). 🚫💵 What consequences could this have for the future of finance? 🤔📰

Date: 2024-02-27 Author: Łukasz Michałek
Senators in the United States are opposing Joe Biden’s plans for a central bank digital currency (CBDC).

Five US senators have joined forces to oppose the Biden administration’s plans to introduce a“digital dollar,” co-signing a bill demanding a ban on central bank digital currencies (CBDCs).

on February 26, U.S. Senator Ted Cruz, along with Senators Bill Hagerty, Rick Scott, Ted Budd and Mike Braun, introduced the CBDC Anti-Surveillance State Act, challenging the Federal Reserve’s authority to introduce CBDC. The senators are concerned that the Biden administration’s CBDC will be programmed to surveil citizens and infringe on freedom.

Senator Cruz called on Congress to clarify that the Federal Reserve has no authority to implement the digital dollar. The bill explicitly opposes the Federal Reserve ‘s authority “to offer certain products or services directly to an individual, prohibits the use of the central bank’s digital currency in monetary policy, and for other purposes.”

Senators Scott and Budd stressed the need to protect the financial privacy of US citizens. Budd added:

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“CBDC would open the door for the federal government to monitor and control the spending habits of all Americans. Any attempt to establish CBDC must be fought and stopped, and I am proud to join Senator Cruz’s efforts to do so.”

Cruz ‘s announcement regarding the bill’s filing describes CBDCs as “programmable government-controlled money” that can collect citizens’ intimate personal information and potentially track and freeze funds for any reason.

If signed into law, the bill would also require Congressional approval for the future issuance of any CBDCs. It would ensure that the Federal Reserve cannot transform itself into a retail bank.

In addition to the support of five senators, the bill also has the backing of five associations, namely Heritage Action for America (HAFA), the Blockchain Association, the American Bankers Association (ABA), the Independent Community Bankers Association (ICBA) and the Club for Growth (CFG).

On the other hand, former President Donald Trump, who is running for president in 2024, has vowed to “never allow” the creation of an internal CBDC. Trump credited Vivek Ramaswamy for drawing attention to the negative impact of CBDCs.

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Łukasz Michałek
Łukasz Michałek
Founder of the rapidly developing cryptocurrency channel "Biblia Kryptowalut" on YouTube. He also co-creates the Arena Trading group with Marek. Łukasz is fascinated and passionate about blockchain technology and cryptocurrencies, which constitute the central element of his activity in the cryptocurrency industry.
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