“Senators Oppose ‘Digital Dollar’ – What’s Really Behind the Controversy?”
Five Senators Oppose the Introduction of a “Digital Dollar” by the Biden Administration
Five United States Senators – Ted Cruz, Bill Hagerty, Rick Scott, Ted Budd, and Mike Braun – have decided to oppose the plans of the Joe Biden administration regarding the introduction of the so-called “digital dollar.” Their opposition is manifested in a jointly signed bill aimed at banning central bank digital currencies.
The CBDC Anti-Surveillance State Act
On February 26, Senator Ted Cruz, along with the aforementioned colleagues, introduced a bill called the CBDC Anti-Surveillance State Act. Their main argument against the introduction of the digital dollar is the fear of abuse of power by parties associated with the planned Federal Reserve. The senators are concerned that a potential central digital currency could be used to monitor citizens, thus violating their privacy and civil liberties.
Threats Associated with CBDC
Senator Ted Cruz described CBDC as “government-controlled programmable money.” In his opinion, such a currency could gather detailed information about citizens, enabling potential tracking and fund blocking without justification. Senators Rick Scott and Ted Budd, on the other hand, emphasized the need to protect citizens’ financial privacy, fearing that CBDC would allow the federal government broad surveillance and control over population expenditures.
Reactions and Support for the Bill
Alongside the five senators, the bill was also supported by five significant associations: Heritage Action for America, Blockchain Association, American Bankers Association, Independent Community Bankers Association, and Club for Growth. Their support adds weight to the opposition against the central digital currency planned by the U.S. administration.
Donald Trump and His Stance on CBDC
There are also politicians with a different approach to the issue of the digital dollar. Former President Donald Trump, who intends to run for president again in 2024, categorically opposes the creation of an internal CBDC. Trump publicly announced that he will “never allow” the introduction of this form of electronic currency, criticizing its potential negative consequences for American citizens.
In the context of the debate on the digital dollar and central bank digital currencies, the differences of opinion and conflicting positions of politicians are becoming increasingly visible. The final decisions on this matter will undoubtedly be discussed and made at the legislative level, within the framework of the democratic legislative process.