Texas senators introduced a bill to impose a complete ban on central bank digital currency (CBDC) within the state.
The document outlines the technology’s shortcomings for American citizens.
“Retail CBDCs are issued for the general public, establishing a direct link between the Federal Reserve and consumers. This could lead to an unprecedented level of government surveillance and control over private money and transactions,” the bill states.
Texan Senator Ted Cruz added that deployment of central bank–issued digital assets is “extremely dangerous” for society. In his view, the technology poses significant privacy risks.
Cruz introduced a similar bill in March. At the time, he said authorities should not create a product that “could be used by the federal government as a tool for financial surveillance.”
Meanwhile, Florida has already passed a law banning CBDC.
Florida Bans a Central Bank Digital Currency https://t.co/S8UfWrLZyc
— Ron DeSantis (@GovRonDeSantis) May 12, 2023
The document was signed by Governor Ron DeSantis. In his view, the law “will protect Floridians from the Biden administration, which wants to turn the financial sector into a weapon through CBDC.”
Both bills ban the use of the digital dollar as a payment instrument at the federal level.
In April, Robert F. Kennedy Jr., nephew of the 35th U.S. president John F. Kennedy, also spoke out against CBDC. He described such assets as “the ultimate mechanism of social monitoring and control.”