US Senator Praises Bitcoin and Warns CBDC Launch Would Be Dangerous to Society

The launch of a central bank digital currency (CBDC) would ‘extremely dangerous’ for society, as it would give the government access to every transaction. This was stated by Texas Senator Ted Cruz, a Republican, at the Bitcoin Policy Summit.

“I am very concerned about the CBDC risk,” Cruz said.

In his view, the push for CBDC is driven by a desire to destroy all value of Bitcoin, erode anonymity and decentralization.

“The same people who want to see CBDC hate Bitcoin and cash. Let’s be clear, they do not like cash for the same reason I love it — it is not subject to centralized control […]. And therefore I hope that we will see growing resistance to CBDC,” the senator said.

He praised the first cryptocurrency, citing its capped supply of 21 million coins as an advantage. In his view, this is especially important, “when you have irresponsible policymakers in Washington who spend money like drunken sailors.”

“What is truly unfair to sailors, because, at least, they spend their own money,” the senator added.

The politician also noted that he invests in the asset:

“I hold a little over 2 BTC, and I want a bit more. I bought the dip, which suited me fine, but I am a long-term investor,” he noted.

In March Cruz introduced a bill, banning the ФРС from launching a consumer-oriented CBDC. This is his second attempt — a year earlier the senator разработал аналогичный документ, который не продвинулся дальше стадии рассмотрения.

Earlier in March, U.S. Representative Tom Emmer also spoke out against the digital dollar. In his view, CBDC technology offends American values and could contribute to “financial control” over citizens.

Earlier he introduced a bill to protect ‘financial privacy’ when using central bank digital currency. The main point of the document is a prohibition on the Fed from distributing CBDC to individuals.