Senator Ted Cruz introduced legislation banning the Federal Reserve from moving forward with a central bank digital currency that would be available for use by consumers.
from moving forward with a direct-to-consumer central bank digital currency that would effectively be a dollar-based cryptocurrency. The federal government has been researching the possibility of a U.S. CBDC under an executive order President Joe Biden signed in March 2022.
Cruz explained in a press release that unlike decentralized cryptocurrency like Bitcoin, digital currencies created by the government are centralized and could be more vulnerable to cyber attacks or even used as a tool to. The bill is cosponsored by Sens. Mike Braun and Chuck Grassley . The Federal Reserve is researching the feasibility of a dollar-based central bank digital currency for speeding up transaction settlements between financial institutions and across borders.
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