GOP Senators Sound Alarm Over CBDCs, Propose Bill to Ban Them

Critics of CBDCs are concerned they could allow new levels of government interference in people’s finances.
GOP Senators Sound Alarm Over CBDCs, Propose Bill to Ban Them
Sen. Ted Cruz (R-Texas) speaks at a Senate hearing, on Nov. 1, 2023. Senate Judiciary Committee/Screenshot via NTD
Stephen Katte
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A group of Republican senators led by Sen. Ted Cruz (R-Texas) has introduced a proposal that would bar central bank digital currencies (CBDC) from being implemented without prior authorization by Congress.

CBDCs are a digital form of a country’s currency, such as the American dollar, that’s backed and controlled by a nation’s central bank. Digital currency advocates say it could improve payment efficiency and expand financial inclusion for populations with limited access to the financial system.