- Republican senators oppose CBDCs over concerns of government surveillance and control over finances.
- Bitcoin’s immunity to inflation and government manipulation can make it a viable alternative.
Senator Ted Cruz-led Republicans have shared their opinion on Central Bank Digital Currencies (CBDCs) recently. These digital forms of fiat currencies, which are being considered by numerous countries, including the United States, are seen by some as a double-edged sword.
Critics argue they also offer governments unprecedented control over financial transactions and the ability to surveil citizens’ financial activities.
Republicans protest against CBDCs
The rallying cry against CBDCs is not just a matter of financial privacy but a fundamental question about the balance of power between the state and the individual.
The heart of the controversy lies in the centralized nature of CBDCs. By design, a CBDC would be issued and regulated by a country’s central bank, granting it potential access to a trove of personal financial data and the ability to censor or restrict transactions.
In an interview with Fox Business, Cruz mentioned,
“The Biden administration salivates at the prospect of emulating China’s use of CBDCs, 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.”
Bitcoin as an alternative to CBDC?
Bitcoin [BTC] offers a compelling alternative to the concerns surrounding CBDCs. Transactions on the Bitcoin network are verified by a global consortium of miners, making it virtually impossible for any single party to control or manipulate the network for nefarious purposes.
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Author: Prakriti Chanda
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