Republican Lawmakers Introduce Legislation to Ban a CBDC in the U.S. ... Again
Republican lawmakers, led by U.S. Senator Ted Cruz, have introduced legislation titled "The CBDC Anti-Surveillance State Act" to block the introduction of a central bank digital currency (CBDC) in the U.S. They argue that a digital dollar would infringe on personal privacy. The lawmakers claim that the Biden administration is keen on surveilling citizens' personal spending habits through a CBDC. However, the Biden administration has not made any declarations on the issue. The Federal Reserve, which would issue the CBDC, is only in the basic research phase and will not proceed without approval from the White House and Congress. Former President Donald Trump has pledged to ban the creation of a CBDC. Meanwhile, Democrats argue that it is crucial for the U.S. to introduce a digital dollar as many countries, including Russia and China, are already researching or launching CBDCs.
