US Senator is Against Retail CBDC Development
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Senator Ted Cruz, a Texas Republican, has proposed a bill to prevent the Fed from creating a CBDC that is accessible to consumers.
Cruz believes that such a measure should not be taken because it could be used as a tool by the government to monitor financial activities.
Cruz has also stated that it is essential for the US digital currency policy to prioritize financial privacy, maintain the dominance of the US dollar, and promote innovation.
He has warned that a CBDC created by the Fed could be used to collect personal data about users and track their transactions.
Cruz has stressed that the federal government does not have the right to create a central bank digital currency unilaterally.
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