US Senator Ted Cruz Warns About Dangerous CBDC

US Senator Ted Cruz just released a warning about CBDCs. Check out the following reports about this below.

Cruz addressed the dangers behind the adoption of CBDCs. In a new interview at a Bitcoin (BTC) policy summit hosted by Swan Bitcoin, Cruz said that a CBDC is giving the government too much control over people’s currency.

“I’m very concerned about the risk of a CBDC. President Biden, early in his presidency, issued an executive order directing the Federal Reserve to study creating a central bank digital currency. And the New York branch of the Fed is actively working on doing exactly that. I think that’s exceptionally dangerous.”

Cruz contained and said the following:

“We see China moving forward with the intention of using a CBDC to destroy all the value of Bitcoin, to destroy anonymity, to destroy decentralization. Their objective is precisely the opposite of a distributed ledger system. They want a centralized ledger that the government has complete visibility into and complete control over. And I think that is profoundly dangerous.”

He also stated this:

“I’ve introduced legislation to prohibit the Fed or the federal government from creating a CBDC. I don’t want the government having control over your finances.”

Cruz says that those in the government opposing Bitcoin are the same ones pushing for a CBDC because they do not want to give up the ability to monitor and control people’s finances.

“By the way, the same people that want a CBDC, they hate Bitcoin and they hate cash. Let’s be clear. They don’t like cash for exactly the reason I like cash, because it is not subject to centralized control. It is not subject to constant surveillance.”

Stay tuned for more news, and make sure to check out the latest from the crypto space.