On February 26, 2024, a bill titled "Countering Central Bank Digital Currency (CBDC) Oversight" was introduced in the U.S. Senate. The proposal was authored by the Republican Party, which opposes the introduction of such payment mechanisms.
The architect of the bill is Senator Ted Cruz, R-Texas. The bill has the support of Bill Haggerty, Rick Scott, Ted Budd and Mike Braun. According to Cruz's official website, the bill has the following message:
"The Biden Administration looks forward to encroaching on our freedoms, invading the privacy of our citizens, and monitoring their personal spending. Therefore, the U.S. Congress must ensure that the Federal Reserve has no jurisdiction to issue CBDCs."
This is not the first attempt by Republicans to advocate for a ban on CBDCs in the #US. Mr. Cruz introduced a related bill in the Senate in 2022 and again in 2023.
The CBDC ban has received significant support from Republicans, especially in various conservative states that already have rules governing this payment mechanism.
Donald Trump, a prominent Republican in the upcoming US presidential #election, has also taken a stance against #CBDC. He also mentioned the global spread of bitcoin and said he was willing to tolerate its existence.
