Texas Senator Ted Cruz Anti-CBDC Bull, Not Political
It’s been a wild few months for tech, but this week took the cake when Texas Senator Ted Cruz introduced an anti-CBDC bill. Now, before you go raising your pitchforks and pointing fingers, you should know that his bill has nothing to do with politics. We know, we were surprised too!
What is CBDC?
For those of you unfamiliar with the term, Central Bank Digital Currency (CBDC) is a new form of digital currency being developed by various national and central banks around the world. It’s being touted as the answer to traditional finance’s slow response to the digital revolution.
Why is Ted Cruz Against it?
Actually, Senator Cruz isn’t actually anti-CBDC per se; he’s just looking out for small businesses in Texas. His bill would aim to protect small businesses in the state from the potential impacts of a national CBDC. According to the Senator, the bill would “prevent the federal government from undermining the Texas economy and enable Texas businesses to remain competitive.”
What Else Can We Expect?
Senator Cruz’s bill isn’t the only one out there. In fact, several different bills have been introduced in Congress relating to the topic of CBDCs. All of these bills share a similar goal of protecting small businesses from the potentially negative effects of a federal CBDC.
It’s too soon to tell how these bills will fare, but one thing is certain: debates over the future of money and digital currency are just getting started. So buckle up, it’s gonna be an exciting (and potentially bumpy) ride!
As the world moves ever closer to a digital financial future, everyone is bound to have their own opinions about it. So, while Senator Cruz’s bill may not be the most popular solution out there, it’s important to remember that it’s well-intended. After all, who doesn’t want to protect small businesses in their home state?
So, even if you personally disagree with the bill, we should all be thankful for the fact that our politicians are taking the time to consider all of the potential impacts of such a major transition. After all, it’s our money that’s at stake here!
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