Senator Ted Cruz: "The digital dollar must be banned, otherwise it will interfere with the introduction of bitcoin"

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Texas Senator Ted Cruzintroduced a bill prohibiting the US Federal Reserve (Fed) launch your own digital currency aimed at retail clients.

Republican Ted Cruz said the bill would prevent the federal government from using the digital dollar for financial oversight of the public. 

According to Cruz, it is important to ensure thatU.S. digital currency policies protected user privacy, maintained dollar dominance, and promoted innovation. Unlike decentralized cryptocurrencies such as Bitcoin, the digital dollar could become a means of monitoring Americans' private transactions, Cruz fears.

"The Federal Government has no right tounilaterally establish a central bank digital currency. This bill is designed to ensure that authorities do not try to centralize or control cryptocurrencies, but rather allow them to flourish in the United States. We must empower entrepreneurs, not stifle their financial freedom,” Cruz said.

Cruz's initiative was supported by state senatorsIndiana Michael Braun and Iowa Senator Chuck Grassley. As Grassley put it, US citizens should be able to spend their money as they please without fear that their every transaction is being monitored by the government.  The bill will give people a guarantee and peace of mind that no one will spy on their money.

Let us recall that most recently, Florida Governor Ron DeSantis also advocated banning the digital dollar, for similar reasons.