Right now, there’s a lot of talk in the country about central bank digital currency (CBDC). Supposedly, nationwide efforts to empower CBDC are all about making sure the Uniform Commercial Code (UCC) remains up to date with evolving US commerce trends.
However, all that glitters isn’t gold. There are some very significant issues with America embracing a central bank currency, which is why Republicans across the country are now fighting back against CBDC.
According to The Blaze, Sen. Ted Cruz is taking concise and measured steps to ensure that CBDC never comes to pass in the United States.
What Every American Needs to Know About Central Bank Currency
In the Senate, Cruz brought forward legislation that, if successful, will prohibit the Federal Reserve from bringing CBDC to fruition.
Sharing public remarks concerning this legislation, the Texas senator stressed the federal government can’t be permitted to seize management over cryptocurrency and/or centralize it.
The movement to establish a central bank digital currency is an attempt to surveil & control the finances of Americans. It would violate privacy, limit consumer choice & undermine market competitiveness.
CBDC has no place in FL & we are proud to lead the fight against it. pic.twitter.com/7DTOkVAhua
— Ron DeSantis (@GovRonDeSantis) March 21, 2023
Like other Republicans, it is Cruz’s view that central bank currency poses threats to national innovation, privacy, and other rights of the American people.
As Cruz works to stop CBDC in its tracks at the federal level, other GOP members, like Florida Gov. Ron DeSantis, are employing similar state-level efforts.
Last week, DeSantis revealed he and his administration are leading the charge to completely ban central bank currency in Florida.
Many legislatures across the country are considering the use of CBDC. South Dakota Gov. Kristi Noem recently shut down central bank currency in her state, after the House and Senate passed it.
The government should not bail out failing, woke banks.
— Antonio Sabato Jr (@AntonioSabatoJr) March 15, 2023
Other Republicans are likely to do the same. However, Americans shouldn’t be shocked if Democrats begin to rally around central bank currency, especially in states where they have majority control over the legislatures and other offices of power.
As this year continues, the country will get a closer look at what our leaders think about CBDC and whether or not it’s going to be accepted.
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