GOP Senators Introduce Bill to Ban CBDCs in the U.S.

The legislation aims to prevent the Federal Reserve from issuing a central bank digital currency, citing privacy concerns.

Republican senators have introduced a bill to ban central bank digital currencies (CBDCs) in the U.S., led by Sen. Ted Cruz and supported by other GOP members.
The bill, named 'The CBDC Anti-Surveillance State Act,' is aimed at blocking the Federal Reserve from issuing a digital dollar, citing privacy and freedom concerns.
Former President Donald Trump, a vocal opponent of CBDCs, has promised to ban their creation if re-elected, highlighting the issue's significance in the Republican leadership race.
Democrats, including Rep. Stephen Lynch, have shown interest in exploring a digital dollar, with Lynch reintroducing a bill for a digital dollar pilot.
The debate over CBDCs reflects broader concerns about privacy, government surveillance, and the potential for a digital dollar to change the financial landscape.