• Senator Ted Cruz of Texas, United States has expressed his opposition to Central Bank Digital Currencies (CBDCs).
• He believes that a CBDC would bring the end of Bitcoin and its anonymity, decentralization, and value.
• Cruz is concerned about the risk posed by CBDCs and worries that it could be used against people by governments.
Senator Ted Cruz Opposes CBDC
Republican Senator from Texas, Ted Cruz, has voiced his disapproval of Central Bank Digital Currencies (CBDCs). He believes that if these currencies are issued nationally it will make Bitcoin less unique and ultimately lead to its demise. He also has concerns that a CBDC could be used against people by governments.
China’s Intentions with CBDC
China is currently moving forward with plans to use a CBDC to destroy the value of Bitcoin and its anonymity, decentralization, and privacy. President Joe Biden even issued an executive order for the Federal Reserve to study creating a CBDC which the New York branch is already working on.
The Risk Posed By a CBDC
Cruz believes that having a digital dollar or any kind of central bank digital currency in play would be dangerous as it takes away all the benefits of cryptocurrency like decentralization and privacy. Regulators could then have access into what individuals are using their money for as well as gain control over who can use them or have access to them.
Why a CBDC Is Wrong For The World
Cruz believes that having such power in the hands of government officials goes against everything cryptocurrencies were created for – accessibility across borders without restrictions from traditional financial services. He thinks this is wrong for modern day society because it limits freedom and gives too much control to those in power.
Conclusion
In conclusion, Ted Cruz does not agree with implementing any kind of central bank digital currency into our world today because he feels that it takes away from what makes bitcoin so valuable – its anonymity, decentralization, privacy, and accessibility across borders without restrictions from traditional banking systems.