Ted Cruz introduces bill to block U.S. CBDC

The Senator fears digital currencies may be susceptible to cyber attacks

U.S. Senator Ted Cruz has introduced a bill which would prohibit the U.S. Federal Reserve from moving ahead with a Central Bank Digital Currency (CBDC).

The government has been researching the possibility of a U.S. CBDC after President Joe Biden an executive order last year.

“The federal government has no authority to unilaterally establish a central bank currency,” Cruz said in announcing the bill’s introduction.

“The bill goes a long way in making sure big government doesn’t attempt to centralise or control cryptocurrency and instead, allows it to thrive in the United States.

“We should be empowering entrepreneurs, enabling innovation, and increasing individual freedom – not stifling it.”

Cruz added that unlike decentralised cryptocurrency like Bitcoin, digital currencies created by the government are centralised and could be more vulnerable to cyber attacks.