US Senator Introduces Bill to Ban CBDCs in Texas
US Texas Senator Ted Cruz has introduced a bill that would completely ban the implementation of central bank digital currencies (CBDCs) in the state.
The bill states that retail CBDCs create a direct link between the Federal Reserve and consumers, which could lead to an unprecedented level of government oversight and control over private funds and transactions.
Cruz warned that the technology poses huge privacy risks and is “extremely dangerous” to society. In March, he proposed a similar bill that would prohibit the federal government from using a CBDC as a financial oversight tool.
Meanwhile, the state of Florida has already passed a law banning CBDC, signed by Governor Ron DeSantis, which claims to protect citizens from the Biden administration’s alleged plans to weaponize the financial sector through the CBDC.
