Texas has put forth a bill to prohibit the use of Central Bank Digital Currency (CBDC). The drafters of the bill believe that CBDC is not a good idea.
Texas, a state in the United States, recently announced that they are working on a bill to prevent the use of Central Bank Digital Currency (CBDC) within their state.
CBDC refers to a digital version of a country’s regular currency issued by the central bank instead of commercial banks. Texas believes that CBDC is not a good idea and wants to prohibit its usage through this bill.
The bill explains that when Central Bank Digital Currencies (CBDCs) are made available to the public, it creates a direct connection between the Federal Reserve (the central bank) and individuals. This could potentially lead to increased government surveillance and control over people’s money and transactions, which has not been seen before.
Government officials are currently discussing the idea of a government-controlled digital currency, known as Central Bank Digital Currency (CBDC). However, many officials are expressing opposition to this concept. In fact, Florida Governor Ron DeSantis recently banned CBDC in the state of Florida. Additionally, Senator Ted Cruz has voiced concerns about the potential dangers of implementing CBDC in society. To address these concerns, Ted Cruz introduced a bill in March that aims to prevent the Federal Reserve from adopting CBDC.
