GOP Senators Sound Alarm Over CBDCs, Propose Bill to Ban Them

A group of GOP Senators led by Sen. Ted Cruz (R-Texas) have introduced legislation to ban Central Bank digital currencies (CBDC) from being implemented without approval from Congress first. CBDCs are a digital form of a country’s currency, such as the American dollar, that is backed and controlled by a nation’s central bank. Digital currency advocates say it could improve payment efficiency and expand financial inclusion for populations with limited access to the financial system. Critics argue that CBDCs have the potential to allow new levels of government interference in people’s finances, provide new avenues for government corruption, and even potentially destabilize the economy, among other concerns....