“Retail CBDCs are issued to the general public, establishing a direct link between the Federal Reserve and consumers.
This could lead to an unprecedented level of government oversight and control over private funds and transactions,” the bill’s authors argue.
Earlier, Florida’s governor also signed legislation banning the U.S. Federal Reserve’s (Fed) digital currency from being used in the state.
Ron DeSantis explained his position by saying that with a digital dollar, the Fed would be able to control citizens’ spending.
Florida governor urges other states to follow suit. In March, Texas Senator Ted Cruz also introduced a bill against the use of CBDC out of concern that the state’s cryptocurrency could hinder bitcoin adoption.
Earlier, Texas lawmakers voted to amend the state’s bill of rights to include the ability to use cryptocurrencies.