- They oppose the use of CBDC in the state
- Florida
The Texas legislature has introduced a bill to ban central bank digital currency (CBDC). The text states that:
“Retail CBDCs establish a direct link between the Fed and consumers.
This could lead to an unprecedented level of government oversight and control over private funds and transactions.”
There were 139 votes for this amendment, 2 against. But the resolution must go through hearings in other branches of government before it can be finally approved.
Ahead of the U.S. presidential election, the CBDC topic is causing heated debate among politicians.
And the other day, Florida became the first U.S. state to completely ban the digital dollar. This legislation was pushed through with the help of Biden’s vocal critic, Governor Ron DeSantis.
Florida’s position against the CBDC is that the technology is a form of state control. Republicans believe CBDCs undermine the possibility of private transactions by giving too much power to central banks.
Furthermore, such discussions have a deeper conflict with Washington’s overbearing economic policies.
The concept of a digital dollar is also criticized by members of the crypto industry. After all, decentralized cryptocurrencies are a means of protection and economic autonomy.
Recent attempts to introduce CBDC payment systems contradict the original Bitcoin principle.