Introducing a central bank digital currency (CBDC) would be “profoundly dangerous” to society as it would mean the government having visibility into every single transaction of its citizens, according to Texas Senator Ted Cruz.

“I am very concerned about the risk of a CBDC,” Cruz stated during the Bitcoin Policy Summit on Wednesday.

Drawing parallels between President Joe Biden’s executive order that directed the Federal Reserve to explore the launch of CBDC and China’s experiments with the digital yuan, Cruz said that the intention of using a CBDC is “to destroy all value of Bitcoin, to destroy anonymity, to destroy decentralization.”

CBDCs share some similarities with stablecoins in that they are linked to the value of a sovereign currency, such as the U.S. dollar. However, there is a crucial distinction between the two: CBDCs are issued and managed by national governments or central banks, while stablecoins are created by private entities on decentralized networks, such as Tether’s USDT or Go to Source to See Full Article
Author: Andrew Asmakov

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