From theepochtimes.com
Sen. Ted Cruz (R-Texas) speaks at a Senate hearing, on Nov. 1, 2023. (Senate Judiciary Committee/Screenshot via NTD)
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.
According to the Feb. 26 press release from Sen. Cruz’s office, Sens. Bill Hagerty (R-Tenn), Rick Scott (R-Fla), Ted Budd (R-NC), and Mike Braun (R-Ind) have filed legislation to halt efforts by the Biden administration to issue a CBDC.
“The Biden administration salivates at the thought of infringing on our freedom and intruding on the privacy of citizens to surveil their personal spending habits, which is why Congress must clarify that the Federal Reserve has no authority to implement a CBDC,” Sen. Cruz said.
“I’m proud to lead the fight in the Senate to restrict the Federal Reserve’s exploration of and attempt to introduce a CBDC to the American economy,” he added.
issuing a CBDC directly. The Fed would also be banned from indirectly issuing a CBDC to individuals through financial institutions or other third parties. If successful, the bill would leave the decision for CBDC implementation up to Congress.
Federal Government Researching CBDCs Since 2022
The Biden administration has been interested in cryptocurrencies since 2022 when an executive order was issued to study the tech and explore ways to incorporate it into the economy. The Fed and the Treasury Department have been studying the potential uses and structures for CBDCs, starting a working group to explore their applications. However, the White House has not explicitly endorsed the creation of a CBDC yet.
CBDCs have received a lot of attention in recent years, sparking a fierce debate about the benefits and possible drawbacks of the technology.
Among the 55 governments that have deployed or are piloting a CBDC, many are dictatorial regimes, including Belarus, China, and Iran.
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Among the 55 governments that have deployed or are piloting a CBDC, many are dictatorial regimes, including Belarus, China, and Iran.
As the 2024 United States presidential election approaches, several candidates have also vowed to ban CBDCs if elected. Former President Donald Trump has promised to “never allow” the Federal Reserve to create a CBDC in the country. During a Jan. 17 campaign speech in Portsmouth, New Hampshire, he made “another promise to protect Americans from government tyranny.”
“Such a currency would give a federal government, our federal government, the absolute control over your money, they could take your money, and you wouldn’t even know it was gone,” President Trump said.
Former presidential candidate and Florida Governor Ron DeSantis also promised to ban a CBDC if elected. Speaking at the Family Leadership Summit on July 14, 2023, he pledged to ban CBDCs in the United States if elected president. Mr. DeSantis dropped out of the 2024 presidential race earlier this year. source
Brethren, many economists and politicians have been warning of the dangers of Crypto. I pray that the savings of hard working Americans will be kept safe, but again we must keep focused on the Lord! Jesus warned us of the perils of these end times.
I hope this gains traction. Here in Tennessee, our legislature is doing things to stop it at the state wide level.
I like Mike Braun. He is running for governor here in Indiana. He has my vote!
“And he carried me away in the Spirit to a great and high mountain, and showed me the great city, the holy Jerusalem, descending out of heaven from God, having the glory of God…The construction of it’s wall was of jasper; and the city was pure gold,like clear glass.” Rev. 21:10-11a, 18. How petty are these fools who reject the Lord! Their greed and riches are temporal and fading. Our prize is eternal fellowship with the Creator and Author of life who gave Himself as a sacrifice for our sins that we may be cleansed and sanctified to be able to walk in His presence. Choose life!
Amen…….CHOOSE LIFE!!
I just pray this can be delayed until Jesus brings us home. But even if everything gets taken from us, they cannot take God from us and He promises to take care of us. There was always manna in the desert and water from the Rock.
Isaiah 41:10 Do not fear, for I am with you; Do not anxiously look about you, for I am your God. I will strengthen you, surely, I will help you. Surely, I will uphold you with My righteous right hand.
God’s Word is SO AMAZING and filled with His Peace and Comfort!!