Senator Ted Cruz has recently proposed a bill that would put an end to the Federal Reserve and the Biden administration’s attempts of launching a central bank digital currency, sparking a debate among potential 2024 GOP nominees. The proposed legislation has become a hot topic in the political realm as it could potentially increase government surveillance and control over private citizens, a concern voiced by Senator Cruz, who may still surprise us and run for office in 2024. In this context, the issue of a central bank digital currency has become a key point of contention among political figures and could shape the future of monetary policy in the United States.
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A central bank digital currency would allow the Federal Reserve to monitor the transactions of all Americans and could see it become a retail bank. Nations including China, Australia, Japan, India, Russia, and South Korea are already exploring central bank digital currencies, which have already been established in the Bahamas, Nigeria, and Jamaica.
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Senator Cruz contended that the establishment of a central bank currency is outside the purview of the federal government. He further asserted that his bill seeks to prevent big government from attempting to centralize or exert control over cryptocurrency. According to Cruz, the proposed legislation would foster an environment that enables cryptocurrency to flourish in the United States, encourages innovation and entrepreneurship, and enhances individual freedom:
“The federal government has no authority to unilaterally establish a central bank currency,”
“This bill goes a long way in making sure big government doesn’t attempt to centralize 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.”
The legislation would ban monetary policymakers from implementing the technology, stating that entrepreneurs should be empowered, innovation enabled, and individual freedom increased, rather than stifled. The majority of Americans oppose the adoption of a central bank digital currency, particularly if the technology induced the end of physical cash or allowed the government to monitor financial transactions.
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Republican presidential candidates are set to debate central bank digital currencies, with asset management executive Vivek Ramaswamy calling on all Republican candidates to denounce the digital assets. Florida Governor Ron DeSantis unveiled a proposal to prohibit the use of central bank digital currencies in Florida and encourage other states to follow suit, while South Dakota Governor Kristi Noem vetoed legislation that would have classified the asset as money in South Dakota.
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This will be a wonderful bill and should be passed bipartisan among all in Congress that love this country.
We don’t need this radical left gov’t to take over every aslect of our lives. They have no business monitoring how we spend our hard earned money. It’s about tskinf total control of us. Never cave in and allow this.